Pensions: Retirement crisis hits Boomers

EVERGLADES, FL - MAY 28: United States Senator...
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Beginning a disciplined plan to save for retirement can never start too soon and it is never too late. All Americans should recognize that only they are responsible for their own future.

“Florida has always counted on a big chunk of the baby boomers retiring down here and buying property over the next 20 years,” said Jack McCabe, a veteran Florida-basedreal estate analyst.“We’re not going to see this big influx of full-time senior citizen residents,” McCabe said. “Home builders may need to re-analyze what they see as demand over the next five to 10 years.”

Baby boomers are members of the first generation since the 1930s who will be worse off in their older years than their parents, says Teresa Ghilarducci, a retirement specialist and economics professor at the New School of Social Research in New York.

“According to our projections, it looks like most middle-class workers, not just low-income workers but most middle-class workers, will be living at or near the poverty level in their old age,” Ghilarducci said in an interview.

“This is the first time since the Great Depression we are looking at poverty rates increasing among the elderly.”

The Occupy Wall Street movement, and street protests staged by mostly younger people in major cities across the United States have grabbed the media spotlight in recent weeks.

But income inequality, bank bailouts and bad markets are issues resonating throughout the gated communities of traditional retirement havens like Florida as well.

Older Americans, a powerful voting bloc in the 2012 presidential election, are keenly aware of the economic downturn that has left growing numbers living in poverty.

Hopefully Future generations will see what happens when an entire generation does not save for retirement. Many baby boomers will never be able to fully retire.

Please comment or call to discuss how this affects you and what to do about it.

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Where Can Clients Afford To Retire?

Port St. Joe, Florida: Port Theatre.
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This decision cannot be taken lightly.

Deciding where to retire may very well be one of the most important decisions clients make as they approach retirement. Remaining in their current high-cost community may be too great a price to pay for those with limited retirement assets or limited retirement income. No retiree wants to be dependent upon family assistance, which typically means relying on their children, and no parent wants to disrupt the lives of their children. So making the right decision where to retire may be one of the most important decisions you make for you and your loved ones.Following is a listing of the top ten cheapest places to retire in the U.S., based on our ranking:
1.   Gregory, Texas
2.   Holly Hill, Florida
3.   Long Beach, Mississippi
4.   Ingleside, Texas
5.   Pembroke Park, Florida
6.   Margate, Florida
7.   Largo, Florida
8.   La Porte, Texas
9.   Port St. Joe, Florida
10.  San Benito, Texas

This is a sensitive subject which requires conversations with loved ones and expert advice should be sought.

Please comment.

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