Baby Boomers are Prepared to Die But…Are They Prepared to Retire?
It sounds morbid, I know, but I think it’s important to know that baby boomers are, currently, five times more prepared for their passing than their retirement.
According to a new Bankers Life and Casualty Company Center for a Secure Retirement study, which focused on 1, 299 Americans between the ages of 49 and 67 with a household income between $25,000 to $75,000, 81% of baby boomers have taken “at least one detailed action to prepare for their passing.”
These preparations include, but aren’t limited to, sharing funeral arrangement preferences, deciding where they want to be buried, purchasing life insurance to cover expenses or creating a will. In truth, baby boomers seem to be taking their cues from generations past.
There’s only on klink in their armor though, they are living longer into their retirement than any preceding generation…
In the same study, only 17% of those surveyed, stated that had taken concrete action to plan for their retirement while a whooping 72% said they had no plans that include potential long-term care needs. In addition, only 20% have some sort of rough retirement care plan laid out while a mere 8% have a detailed plan.
Can I say I’m surprised? It’s not news that retirement plans continue to fall by the wayside, even as previously established retirement plans fall apart. The fact that death preparations supersede retirement plans, however, suggests that baby boomers are either out of the loop or aren’t taking retirement planning as seriously as their passing.
In truth, I think both should be important. As unpredictable as the future is, it’s important to prepare for every possible outcome. The only way to do that is to prepare for both your retirement and your passing.
A reverse mortgage can help you do just that.
As a retirement planning tool, a reverse mortgage can help supplement your fixed income and offer you piece of mind during a time of change. In addition, it can also help you make preparations for your passing beforehand. If you’ve been considering a reverse mortgage, or this is the first time you are hearing about it, the time to wait is over. Changes are coming to the reverse mortgage so that time to act is now, not later.
Not surprisingly, the study also found that middle-income boomers who created a detailed retirement care plan were five less likely to worry less about their future compared to those who didn’t.
Consider your future, it might make all the difference.
Interested in a reverse mortgage or simply have questions? Give PS Financial Services a call at (888) 845-6630 or send us an email at info@PSReverseMortgage.com. We do not pressure those who inquire, we are simply here to help.