Pre-Planning for Retirement Days is a Must for Comfortable Living

Pre-Planning for Retirement Days is a Must for Comfortable Living

Retirement timing is a major decision is everyone's life and should not be taken lightly. Before taking the plunge, one must take a careful look at finances and what they aim to do in future. That will give a clear idea about where one stands.

Depending on the savings and investments one might realize that working for one or two more years could make all the difference adding to the comfort of after retirement days with more financially sound grounds.

In the U. S, the number of baby boomers would be approximately 76 million and according to estimations around 10,000 baby boomers are nearing 65 each day which means they are walking right towards their retirement. So, it's more important for them to take the decision now.

There are some significant facts which people close to retirement age must focus on. The life expectancy age is increasing, which is a good thing but needs more savings to pull you through. According to reports, the baby boomers lack in their savings which pose financial challenge to the soon to be retired population.

According to reports from the National Academy of Social Insurance, about sixty five percent of beneficiaries rely on Social Security for a significant part of their retirement income. The problem arises where it is the sole source of income for the retired people. An IRI study confirmed that fifty nine percent of the baby boomers state, they expect their Social Security to be the key source of income for them after they retire.