Portraits of Retirement

By Peter Pak Disoza

Frank is approaching 40 and is realizing how poorly he has planned for retirement. He always meant to get around to it, but his good intentions never translated into having a well designed plan of action. Mark has big plans for retirement. He wants to finish his novel, and do some traveling he and his wife have not yet gotten around to. But when will he be able to retire? And when he does retire, will he be able to afford the travels he has planned? After the divorce, Susan realized how little money she really had. She immediately began saving and investing as much as possible. She wants to switch to from full-time to part-time employment in about 10 years, and at the rate she’s going, she should be able to accomplish that without a problem.

The age for retirement was set at 65 by Kar Wilhelm in the late 1800’s. Today, since people are living longer, healthier lives, many persons are working full or part time well into their seventies, or longer.

In fact, the full retirement age has changed and is now dependent on the year of one’s birth! Though persons can now begin to receive some retirement benefits age 62, the full retirement age has increased. To gave some examples, for persons born in 1941, the retiring age is now 65 and 8 months, for persons born in 1957 it is 66 and 6 months, and for persons born after 1960, the new retirement age is 67, and it might go up!

Baby boomers are persons who were born between 1946 and 1964. There are an estimated78.2 million baby boomers, as of July 1, 2005. In the U.S. 7,918 people are turning 60 each day in 2006. That amounts to 330 persons every hour. Over the next 5-25 years, the baby boomer generation will transition from working citizens into retirement. This Impending surge of retirees has become a source of national concern for two major reasons. First, the population of retirees is predicted to grow much faster than the taxpaying workforce. Also, average benefits per retiree are expected to continue rising. Such circumstances place strong financial pressures on the U.S. federal government. Second, some researchers have questioned whether baby boomers are accumulating enough savings to subsidize an adequate retirement. Not only could inadequate wealth leave baby boomers poorly prepared for the expense of retirement, it could compound the government’s budgetary problems by limiting the growth of investments, productivity, and wages (which drive federal revenues). Surely phone counselor will provide you further details.

eCounseling.com is the leading provider of online counseling and telephone counseling technologies, and exists to connect people who hurt with people who help, 24 hours a day, 365 days a year. eCounseling.com was created by counselors who perceived a need for better online counseling methods. eCounseling.com now boasts a full range of distance and in-person counseling capabilities in video and text chat, HIPAA-compliant secure email, and fully searchable counselor listings, all organized strategically around the top 40 most commonly seen counseling issues. Its directors include Dr. Peter Disoza, who practices therapy at Thrive Boston Counseling.

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