Baby boomers find that retirement dreams don’t always come true
On Behalf of O’Brien Law Firm, LLC
Posted on: September 13, 2018
Baby boomers in Mississippi who always dreamed of early retirement might have to get used to the idea of late retirement or no retirement at all. At least that it is what statistics suggest. More people 55 and older are still working these days, and many who have retired from full time jobs are turning to freelance work to supplement their retirement income. As of 2017, 23 percent of the American workforce was aged 55 or older. The Bureau of Labor Statistics estimates that the figure will be a solid 25 percent by 2024.
The 2008 recession didn’t help baby boomers who were planning on a timely retirement, but poor planning could be another reason they are working longer. According to a survey by Bankrate, 58 percent of Americans don’t even know how much money they will need to retire. People are healthier and live longer than previous generations, but that means they need more money in retirement. To supplement their incomes, many people who have retired are doing freelance work. In 2016, more than 25 percent of the self-employed workforce was aged 55 or older, and more than half of those people were 65 or older.
Experts say that saving without knowing how much will really be needed for retirement is not a good idea. They advise workers to plan for retirement by doing the math first. To achieve their goals, some people may need to consider working part time or freelance to supplement their income once they’ve retired.
Older people who are overwhelmed by debt might wind up filing for bankruptcy; in fact, one in seven bankruptcy filers today is 65 or older. Though bankruptcy is the right solution for debt relief for many people, for others, alternative solutions might be better choices. Loan consolidation, an application to pay in installments or defensive litigation are some of the other options.People who are struggling with debt could consult an attorney to advise them on their options.