Several "Baby Boomer" members of our organization (Pacifica Endeavors LLC) have expressed concern about the impact of the economy on their ability to retire. On June 24th, their fears were confirmed:
The decline in home values has reduced the prospect of comfortable retirements for the majority of near retirees, according to a new report from the Center for Economic and Policy Research (CEPR) .“This extraordinary destruction of wealth will have tremendous implications for millions of families as they enter retirement,” wrote report co-author Dean Baker. “Coupled with a very low personal savings rate, this means that many people will only have Social Security and Medicare to rely on in their retirement."
As many as two-thirds of Baby Boomers in their 50's and 60's are believed to fit the above profile. Sure, most have some savings, but for the majority their retirement plan was anchored by presumed home equity.
So, after much hand-wringing and a few drinks, the question among my colleagues quickly became, "Is it possible for Baby Boomers to comfortably retire if they do not have a large 401K, a big pension, an inheritance, or an executive golden parachute to sustain them?"
Being Internet Marketing professionals, we decided to do what we do best - research the subject....and the answer is "Yes." BUT, Baby Boomers with financial shortfalls have to be willing to make changes in their life styles to do so.
We discovered a wealth of information and Websites that can help Baby Boomers on their journey to retirement. So much information in fact that we decided to consolidate it in a new Website: http://www.babyboomerlifeboat.com/.
Pacifica Endeavors will maintain this site as a public service for fellow Baby Boomers. God knows, it looks like the majority of us will need it!