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50 Plus Club-Are You Prepared For Retirement


50 Plus Club


Are you in the 50 plus club and experiencing stress and anxiety at the thought of being prepared for retirement, over one quarter of baby boomers are struggling to pay their living expenses. With our high economy and many less people having a pension the stress of being prepared for retirement is overwhelming the majority of baby boomers today. Many of this age group is going to experience the need to work while being retired just to make ends meet, the longer you can remain working the higher your social security benefits will be. For the ones who are healthy enough to work until they reach the age of 70 years old will receive 7-8% more social security benefits, right now there are many senior citizens working part-time just to survive.

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College Education Debt


The majority of baby boomers are able right now to pay their living expenses comfortably, it is a must to be debt free before you are prepared for retirement. One problem today is many people are not healthy enough to work until they can become debt free before being forced to retire, college education is extremely putting many baby boomers into debt, the average couple will go into debt for their children to attend college. Parents will sacrifice to provide their children with the education for a good career, many will go into debt themselves to avoid their children starting out their life after college in severe debt.  College education is the major cause for couples in this age range to be into severe debt, with low pension and no pensions this is putting the baby boomers in a very difficult situation when they become ready to retire.


Loan Debt


The next step is to pay off all your loans before you retire, it really sucks but the majority of this age group when they retire will not be able to afford to have  automobile payments, high credit card balances and homes must be paid off. For people who rent this situation will be even worse, rent is taking at the least one-third of most people’s income today. The majority of seniors today are forced to sell their homes, many of the seniors are ending up either in low income housing or nursing homes. 15% of baby boomers are also caregivers, which means you must allow for this extra expense before retiring.


Couples Planning


Couples in this age group should discuss with one another each other’s retirement plans, often when one partner retires and the other still is actively employed this may cause some marital stress. Planning for your retirement does not only mean financially, couples must be prepared emotionally as well. Many times when one partner retires, and the other is not there is possibly marital problems, the partner who is retired might have too much alone time on their hands causing them to experience being lonely and even depression.



Time Management


The majority of people who retire without a good time management plan often become anxious and even depressed when most people are working they think they have so many things they wish to do once they retire. One thing many people fail to consider is they will be on a much lower fixed income once they are retired, overspending is common among senior citizens with too much free time on their hands. Many seniors do not have nearly enough social outlets when they retire because of this many will experience emotional and physical health problems. People who do not have an adequate social life after retirement most often experience anxiety and depression.


What Is On My Mind Today


This article is focusing on things you might wish to consider while preparing for your retirement, you are much better equipped right now to handle the stress than waiting until you are in your golden years. As we become older our stress tolerance becomes less, but seniors who are prepared when they retire experience a healthy enjoyable retirement with less stress. Many people do not realize that your 401 K plan can actually reduce your savings over time if you do not monitor it regularly. Someone is receiving payment for managing your 401 K, a little here and a little there can add up over time. You are never too young to start preparing for your retirement, focus on being as debt free as you possibly can when you decide to retire. Many seniors will be forced to work part-time to make ends meet after they retire, many people do not realize your health benefits are not nearly as good after you retire. You will have more medical appointments which is a part of aging, those co-payments can really add up especially for specialists.


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