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From a mathematical perspective, there are only a few key variables to the retirement financial equation: Earn More; Save More; Work Longer; Earn a Higher Rate of Retirement Cash Flow; and Reduce Taxes. This article will be the first of a series that covers these issues, including real-world case studies.

This article focuses on the majority of Baby Boomers who have not saved close to what is needed for a happy and financially carefree retirement. The previous article covering Part 1 was published in the 5/15/2019 Ahwatukee Foothills News. There was recent media attention about a recent study “Boomer Expectations for Retirement 2019”, released April 2019 by the Insured Retirement Institute. This study concentrates on Baby Boomers, born in years 1946-64. This age range is 55-73 and nearly half (47%) are already retired.

There was recent media attention about a recent study “Boomer Expectations for Retirement 2019”, released April 2019 by the Insured Retirement Institute. This study concentrates on Baby Boomers, born in years 1946-64. This age range is 55-73 and nearly half (47%) are already retired.

The Social Security Administration has published “Fast Facts & Figures About Social Security, 2018” that gives some interesting numbers. In 2017, retired workers received $1,404 in average monthly Social Security (SS) benefits; Disabled workers received $1,197; and Survivors of deceased workers received $1,388. Of the 67.0 million people who received benefits from SS programs in 2017, 55% of adult SS beneficiaries were women and 54.5 was the average age of disabled-worker beneficiaries.

 

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