The projected tsunami of baby boomer retirements that captured our attention a few years ago may still come, but if the experience to date is any guide then this may turn out to be more of a gentle wave than a disaster for the modern workplace.
That’s because instead of retirement and daily rounds of golf, many boomers are continuing to work, albeit in a much different fashion than their previous careers.
Here are four ways that boomers are changing the face of retirement.
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It may seem a million miles off, but if you want a comfortable standard of living in retirement you better get saving soon – that is the message from finance industry experts. According to large-scale research by Aon in the US, a 25 year old with just a 401(k) plan will need to put aside 15% of their income to retire at 65 with “adequate resources.”
Wait until 30, and the figure is 19%. And all of this assumes that your employer makes an almost matching contribution!
It’s the same story for workers in many other western nations. In the UK, for example, HSBC found that retirees were expected to live for 19 more years, yet only had the savings to cover, on average, 7 of these years. Click Here to Read Article …