Baby Boomers and Retirement Planning Strategy
Haven’t Saved Enough? Move to Harlingen, Texas IRI Study Examines Difficult Decisions Boomers Will Face to Close the Retirement Income Gap WASHINGTON, D.C.
– The Insured Retirement Institute (IRI) today released a new research report highlighting the difficult decisions confronting Baby Boomers as they march toward their retirement years with inadequate savings. Among the oftentimes unsavory options are postponing retirement, increasing savings, relying on help from family and/or assistance programs, and reducing expenses in retirement – possibly by downsizing or relocating to locales with lower costs of living.
With annual expenditures today exceeding $50,000 for the typical 65-year-old retiree, and Social Security generating only $16,000 in retirement income a year on average, many Boomers will need to rely on their savings to close this “income gap.” The issue is that four in 10 Boomers have no savings for retirement, and even among those with retirement savings, more than two-thirds have less than $250,000 saved.
“I’ll go out on a limb and venture that moving to Harlingen, Texas, which boasts the lowest cost of living in the country, is not a realistic option for most future retirees,” IRI President and CEO Cathy Weatherford
said. “But many Boomers will have to make some tough decisions. The good news, as we show in our new paper, is that there are some things Boomers can do to boost their savings and reduce expenses. Then by constructing a strategy – using a combination of retirement income sources – they can have a plan in place to meet their retirement needs.” The entire report, “Baby Boomers and Retirement Planning Strategy,” is available HERE as a PDF or read below.