Baby Boomers are Decidedly Saving More
For Immediate Release – December 9, 2011
Denver, Colorado
The Society of Certified Senior Advisors has released an article that discusses how the baby boomer generation is spending less and rethinking their retirement planning. With the drastic downturn of the economy, boomers had an unprecedented and terrifying look at what retirement could look like as they watched their investments fluctuate.
Excerpts from article:
It is not too late for boomers to significantly boost their retirement outlook. There is time to make the most of their remaining working years and find ways to more effectively save money. Money-Rate.com suggests these methods:
Work longer. The Centers for Disease Control says that since 1950, life expectancy after age 65 is now 18.6 years, an increase of five years. Therefore, it could make sense to add a similar amount of time to the length of a career. Extending a career not only gives you some extra saving years, but it also decreases the number of years you'll depend on a savings in retirement.
Diversify your investments. If your investments are spread among a variety of investment vehicles, risk is better managed. Even conservative vehicles like bank accounts may need to be diversified to make sure you don't exceed Federal Deposit Insurance Corporation (FDIC) insurance limits.
Use laddering to manage interest rate risk. Savers are in a dilemma about where to put their money because savings and money market accounts have extremely low interest rates. Certificate of Deposit (CD) rates are higher, but the money is not available immediately. You can work around this problem by laddering CDs – that is, depositing money in CDs with different maturity dates. This allows you to capture some of the highest rates available today in longer term CDs, while money becomes available on a regular basis.
This press release contains only small excerpts from its original source. To read the full length of Baby Boomers are Decidedly Saving More visit our Financial Library.
The Society of Certified Senior Advisors (SCSA), provides free resources and tools for our members as an ongoing commitment that we have in helping professionals to understand the complex and dynamic lives of modern senior citizens.
About SCSA
SCSA's mission is to educate professionals to work more effectively with their senior clients. For those who work with seniors, this means understanding the key health, social and financial factors that are important to seniors—and how these factors work together. For more information about SCSA and its educational course, please visit www.csa.us.
Get information on similar topics. Download them now for free:
How to Stretch Out an IRA
"When I'm 64" - How Aging U.S. Baby Boomers Have Begun to Carry that Weight
"ROP" Pension Maximization
Contact:
Erica Ananich, SCSA
p: (888) 538-2599
e: society@csa.us
www.csa.us
www.csa.us/blog
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