This article addresses some of the important retirement-related financial issues you should consider whether you are just starting your career, are at mid-life or are approaching retirement.
This is a question many baby boomers are starting to look at very closely. Baby boomers were born between 1946 and 1964. The leading edge of this group is now approaching age 55 – the traditional age for early retirement. Will the boomers be able to afford to retire and, more to the point, will you? This article addresses some of the important retirement-related financial issues you should consider whether you are just starting your career, are at mid-life or are approaching retirement.
True, some of your living costs likely will decrease when you retire and especially if you downsize your home. But will other costs increase? The cost that is most likely to increase – and increase rapidly as you age – is medical care including the cost of prescription drugs. At some point, many seniors may require costly assisted-care living or, worse, nursing care.