Why Downsizing Your Retirement Lifestyle Is Necessary

For the most part, many seniors who are nearing retirement may need to think about

downsizing their retirement lifestyle and integrate it into their retirement plans. The Employee Benefits Research Institute has recently found that Baby Boomers are highly likely to use up all of their retirement money after a decade or two, and has publicized relevant statistics in the newest Retirement Readiness Rating Report.

Almost half of all older members of the Baby Boom generation (those who range from 56 to 62 years of age) and about 45% of the set's younger members (those between 46 to 55 years of age) may not have enough money to cover essential retirement expenses and medical costs not covered by longevity insurance or other types of healthcare coverage, says the study. Specifically, more than 40% of seniors in the lowest of five income brackets stand the chance of losing funds after a decade of retirement, and about 57% won't have anything left after twenty years. On the other hand, a relatively small 5% of those in the highest income bracket will use up all their funds after a decade, and 13% will exhaust their nest eggs after two decades.

These seniors may not have accumulated enough funds prior to the recent recessions. Their investment portfolios and nest eggs may also have been hit hard by those recessions and been unable to recover fully, if at all. As a member of the Baby Boom generation, you may think that saving up enough money to boost your nest egg may be impossible - it isn't. If you only have a few years left, try to increase your retirement plan contributions to receive the employer match, cut down on your spending and save more in your personal savings account, and purchase products that can generate guaranteed income in your golden years (of course, after downsizing your retirement lifestyle).

by: Carina Smith

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