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Retirement Planning: When I'm 64

WHEN I'M 64 Now that baby boomers, who account for nearly one-quarter of Americans, are officially reaching retirement age, the U.S. population has encountered quite a shift. The 45 and older crowd is growing 18 times faster than the younger generation. That's a whole lot of retirees. So what's the plan? Move to a new part of the country, sip champagne in the south of France, or step up your golf game? Here are some of the best options in today's economy for those on the brink of clocking out of the workforce. WHO ARE THE BABY BOOMERS? The U.S. Census Bureau defines the baby boomers as those born between January 1, 1946 and December 31, 1964. THE BIG GREY SEA 16,666 65 As of January 1, 2011 every single day 10,000 baby boomers This will happen every single day for the next 19 YEARS. more than will reach the age of THE CURRENT CLIMATE One out of three working Americans does not have retirement savings beyond Social Security. Monthly savings goal by age TOTAL 18-34 35-49 50+ Able to achieve monthly goal 28% 28% 24% 39% Able to save some, but not enough 36% 34% 39% 32% Not able to save at all right now because 32% 34% 34% 25% of other financial responsibilities Refused to answer 4% 4% 3% 4% Can Americans rely on the government to support their retirement? Research completed by the University of Chicago and Kellogg School of Management calculated the pension liability of all 50 U.S. states, finding the states faced $5.17 trillion in pension pay-outs. Sadly, the current combined fund only has $1.94 trillion set aside for pensions. A TROPICAL RETIREMENT If you are one of the few who managed to stash away some of your earnings for the glory days, an exotic location may not only be the most deluxe way to retire, but it can also help you stretch your dollar. Top 10 exotic retirement spots around the world of Americans ver 65 years old rely entirely on Social Security. Meanwhile, in most Latin American countries it is possible for a U.S. retiree to live comfortably on Social Security alone. 35% AARP dubbed these cities as ideal retirement spots. Here a dollar still goes far and the real estate remains reasonable. Puerto Vallarta Region, MEXICO Buenos Aires, ARGENTINA Corozal, BELIZE Granada, NICARAGUA Languedoc-Roussillon, FRANCE Le Marche, ITALY Central Valley, Atenas, COSTA RICA Cascais, PORTUGAOsta del Sol, SPAIN "oquete, PANAMA YOU CAN MAKE IT AFTER ALL As of 2011, the average monthly Social Security benefit was $1,179. A couple who each earn this amount have an annual retirement income of $28,296. Here is a list of places where this amount can make for a happy life inside the U.S. AUBURN, ALABAMA BLACKSBURG, VIRGINIA Incentives: Incentives: • Median income $21,630 • Mild winters, hot summers, and plenty of outdoor recreation • Median income $26,792 • Affordable amenities CHENEY, WASHINGTON Incentives: • Median home sale price $162,000 • Population just under 12,000 people BOONE, NORTH CAROLINA Incentives: • Free public transportation • Tuition-free classes at Appalachian State University for seniors (65 and older) MT. PLEASANT, MICHIGAN Incentives: • Median income $27,621 • Seven city parks and the 40- acre Florence Maxwell Sanctuary PLANNING AHEAD Experts say about 70 percent of their pre-retirement income, for high earners this increases to 90 percent. Here are all the steps you should be taking to save for your retirement. The average American spends maintain the same standard of living a retiree will need 20 YEARS in retirement. 1 3 Start saving, keep saving, and stay on track. Establish your retirement needs. Open an Individual Retirement Account Contribute to your employer's retirement savings plan (401k). (IRA). Here is a look at what you can save by putting away just $5,000 a year, while earning 7 percent interest through an IRA account. $691,184 $316,245 $125,645 $28,754 5 years 15 years 25 years 35 years SOURCES: BOOKINGS.EDU | DOL.GOV | MONEY.USNEWS.COM AARPORG| ENDOFTHEAMERICANDREAM.COM | ALTERNET.ORG | BLOOMBERG.COM | BANKRATE.COM COUPON CABIN.COM %24

Retirement Planning: When I'm 64

shared by CouponCabin on Dec 14
Baby boomers, who account for nearly 1/4 of Americans, are officially reaching retirement age. The U.S. population age 45 and older is growing 18 times faster than the younger generation. Here are...



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