Money in the Middle

Sandwich Generation Talking About Money Up, Down and Across Generations

Getting Real About Retirement

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After eight months of ‘economic crisis” news we are all tired and still depressed.  Especially baby boomers many of whom simply don’t have the time to rebuild their nest eggs.  So what to do next?

 Get over it. And get on with figuring out what the future can hold.

First, for many baby boomers the vision of retirement we had for ourselves may not have been realistic in the first place.  A Washington Post piece today makes the good point that many of us did not really have the kind of money we needed before the bust to retire in the style we hoped for. Our retirement dreams were tied up in housing values that could not have materialized as we hoped.  (And you really do need to live somewhere).  It doesn’t make us feel any better, but maybe it makes reality a bit easier to accept.

 Second.  If you do the retirement math, you may not be as bad off as you think.  And if you do the numbers, at least you know what you are worrying about and what changes you need to make in your life to meet your goals.

 I recently spoke with Mark Miller at Retirement Revised about the signs I see that people are beginning to hit the reset button on retirement.  Simplicity, less is more, cutting back not necessarily cutting out can make a big difference in a path to retirement savings.

 It is hopeful really, if you start taking small steps now.  Talk with  family about how they expect you to help them now and in the future.  Better to know than be surprised later.

Share you stories on how you’re getting real about retirement.

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Written by Laura Rossman

May 7, 2009 at 3:09 pm

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