Can a Baby Boomer Afford to Retire?

Bankrate.com and in a recent survey the completed with American citizens on the average seems to be relatively upbeat.

Until they ask Boomers how they feel about their future and if they are comfortable enough to retire later on in their lives?   And they found out that a very high percentage of them are quite concerned about their future.

Here is the second half of the article previously posted on this site.

Baby Boomers’ Retirement Situation is ‘Troubling’
Posted By Jason Oliva On September 28, 2015 @ 5:22 pm In News,Retirement,Reverse Mortgage

“This is a “troubling” development for those over age 50, as these years are the home stretch in preparing for retirement, says Bankrate.com Chief Financial Analyst Greg McBride.

“Using retirement savings to cover an emergency is a permanent setback to retirement planning, with the possibility of taxable distributions, early withdrawal penalties, loss of tax efficiency, and the inability to replace withdrawn funds in future years,” McBride said in a written statement.

People with higher incomes were less likely to dip into their nest egg, with more than 90% of people earning $75,000 or more saying they haven’t touched their retirement savings.

Another key highlight of the survey revealed that people living in the South were more than twice as likely than people in the West to have used their retirement savings for an emergency.

The Bankrate.com survey was conducted by Princeton Survey Research Associates International, which obtained phone interviews with 1,004 adults living in the continental U.S. between September 3-6.”

Written by Jason Oliva

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