Boomers and Retirement

artkoff

Boomers
will find that they must continue to work in some capacity after
"retirement". They will either start their own business or find
part-time, temporary or project employment. The primary reason is the
huge cost of out-of-pocket health care expense.

A couple retiring in 2007 at 65 will spend on the average $242,000
out-of-pocket on health care betrween now  and the end of their
combined lifetimes. By the time most boomers retire this will be
substantially more. These costs include Medicare premiums, supplemental
insurance premiums and prescription drugs and all other health care
costs not covered by Medicare or insurance. 

Boomers should be planning NOW for this eventuality. Talk with your
current employer. check out business you might consider starting, look
at job boards for older workers like RetiredBrains.com

susanm

What you say is certainly right, but at the same time, a great many boomers will be able to retire and live comfortably.  What really sets boomers apart from any other generation is that they don`t want to retire, because they feel that they still have much to give and because they are healthy and fit.

Cooltruth

 It`s much more economical to take care of your health before you NEED health care than it is to go to doctors & buy prescription drugs. Never go to a doctor unless it`s an emergency type situation! Tend to anything less than the emergencies yourself. Prescription drugs often have side effects requiring more prescription drugs to treat the side effects. Better to avoid the prescriptions to stay healthier unless you are sure it`s an absolutely necessary prescription...

artkoff

Susanm,

Many boomers want to keep working often well into their 70`s and even 80`s.
However employers faced with the substantial increase in health care
insurance are generally not in a financial situation that allows for a
larger number of seniors to be part of their workforce.

That is why many older workers are being and will be hired on a
part-time or temporary basis or for project assignments.  In most
cases employers do not have to pay benefits for these types of
employment.

Boomers should certainly start a dialog early on with their employer
regarding the best ways they can continue to contribute as they reach
retirement age. Employers interested in keeping their employees will
usually work out something that is mutually beneficial.

Judi

Considering COBRA for 18 months can cost you a lot of $$$$$s.  Tale it from one who has six months left before becoming eligible for Medicare.  And, the only way I could stay with COBRA for 18 months is because the Social Security Administration deemed me disabled. You should check this out in depth before including it in your plans.

Newfacade

HELLO BOOMERS
I WANT TO BUILD A UNION OF BOOMERS IN AUSTRALIA TO PROMOTE THEIR POTENTIAL FOR EMPLOYMENT AFTER COMPULSORY RETIREMENT. HOW SHOULD I GO ABOUT DOING THIS?
SHOULD I PLACE AN AD ONLINE?

ankit007

Here's why the "retirement dream" may be history. Without pensions or a nice nest egg, boomers can't give up working to go fishing.