Most people who know about this think that Social Security will run out of money in about 15 years. But some new studies have shown that there is hope. They seem to show that the idea that boomers will retire at 65 or 67, sit back, and collect their Social Security checks is wrong.
They think that enough people will keep working in some way, with some estimates going as high as 80%. This will relieve a lot of pressure on the system.
This is probably the only hope for many people who have talked to financial planners or bought personal finance software to figure out how much money they need for retirement. These usually show that you need a million dollars or more to live the way you do now when you retire. But again, they don't take into account income that keeps coming in.
Many people in the baby boomer generation plan to retire around age 65 and then start a second career doing something they enjoy. Most don't want to keep their current jobs or move to low-paying jobs in fast food restaurants or supermarkets.
Instead, they would rather put their knowledge to use and, if possible, also give something back to society.
Health experts say that this trend will be good for older people because staying active will help them stay healthy and happy with their lives.
So it looks like a few things are coming together. People in their 60s, 70s, and early 80s are in better health than they have ever been. Because they are living longer and haven't saved enough for retirement, they need to keep working. And many companies that used to look down on older workers now seem to appreciate what they can do for the company and for society as a whole.
People think that colleges and universities might let retirees get their degrees faster by taking into account their previous education and work experience. Some states are also already making it easier for people with degrees in fields other than education to become teachers without much or any extra training.
Making smart investments now is another way to keep making money after you retire.
Buy rental properties, learn how to handle your money well, or start your own business now as a side job so you have something going when you retire.
The internet has given people new ways to make money, like drop shipping, affiliate marketing, and selling things on eBay.
If you've always wanted to be a writer or if you're good at writing software, it's easy to self-publish and sell electronic goods through sites like Clickbank.
You could also just do something you've always wanted to do, like make bread or shoes. If you're good at what you do, you shouldn't have a hard time finding customers.
But don't feel bad about having to work after 65 if it makes you sad. You'll have a lot of people to talk to, and it will make you healthier and happier.
Visit http://www.credit-yourself.com/financial-planning.html for more tips on planning for retirement and personal finances.
