Golden years start with money worries

Language may be different.

Culture may be different.

Religion may be different.

Country may be different.

But money worries are common to all !!! Regards.

- Dilip.

---

Golden years start with money worries

The Associated Press, The Boston Globe
FRIDAY, NOVEMBER 11, 2005

Baby boomers in the United States are feeling financially ready for their golden years, despite needing larger nest eggs and worrying about the fate of state-provided benefits, a study shows.

Shifting attitudes about retirement are also changing what people do after they leave a long career.

The study, conducted by Lincoln Retirement Institute, a research division of Lincoln Financial Group of Philadelphia, found that more than half - 55 percent - of retired boomers with an income of more than $75,000 per year or total financial assets of more than $350,000 reported they were determined not to outlive what they had saved.

"People are living longer and having healthier lives," said Tom Johnson, a spokesman for the institute. "They are recognizing that their money has to last as long as they do, but are dramatically underestimating how long they need their nest egg to last."

Johnson noted that as life spans get longer, retirement funds should get larger. "Women tend to be much more optimistic," Johnson said. "About half of the women in the survey felt they would reach their 90th birthday." Only 26 percent of men felt the same way.

While medical advancements mean boomers may live longer, healthier lives, survey participants cited "outlasting their money as their greatest financial fear," said Jon Boscia, chairman and chief operating officer of Lincoln Financial, in a statement released with the survey results.

Besides living longer, aging boomers are also spending more money. Two-thirds of pre-retirees and retirees who took part in the survey reported spending up to $80,000 over the past year. For retirees, that represented little or no decrease from spending habits while they were still working full time.

One-third of those surveyed also said they were working at least part-time, even though they considered themselves retired. (Boston Globe)