Barbara O'Neill, Ph.D., CFP®
Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
In recent years, dire predictions have been reported by various media outlets about the ability of baby boomers (and younger generations) to maintain their standard of living in retirement. Some have used the phrases "potential train wreck" or "perfect storm" to describe what lies ahead as people live longer with meager savings and less support from employer and government benefits. Many reports cite research by the Center for Retirement Research (CRR) at Boston College which invented the National Retirement Risk Index. According to the CRR, over half of U.S. households are at risk of being unable to maintain their pre-retirement standard of living during retirement.
What to do? Do something. If you're concerned about your future financial security, any savings or other preparation for retirement is better than none. Below are some suggestions from a recent article in the Journal of Financial Service Professionals:
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