|By Tim Grant, Pittsburgh Post-Gazette|
"I learned a long time ago, if you want a raise, you work harder or you work more," said
With no pension or corporate retirement plan to fall back on, the
"I have a good financial program that I have set in motion for myself because there is no pension plan for skating coaches," he said. "So you have to make sure that you are looking forward and making sure that you're funding those accounts.
"I don't need anybody to help me,"
"Then I keep working because that's what I like to do."
While previous generations could rely on pensions that provided a fixed monthly income for life, many baby boomers reaching retirement age realize the onus of funding retirement falls squarely on their own shoulders. Many also did not save as well as their parents did.
The stock market can be risky for those over age 60 who cannot afford to take heavy losses on money they need to live on. And those who have managed to squirrel away a few dollars in the bank are getting the lowest rate of interest on their savings in history. Even 10-year Treasury bonds are stuck around 2 percent. While yields may be headed higher in the future, who knows if it will happen in time to help those who need to retire sooner rather than later?
Baby boomers — born between 1946 and 1964 — fall into two broad categories, said
"Many are covered by pensions and, for those folks, retirement looks pretty good because they get a monthly check,"
"We did some focus groups last year and the happiest group of baby boomers were school teachers; city, county and state workers; and anybody else who was covered by pensions because they had pretty reasonable monthly income."
Retirement assets have benefited from strong equity markets in recent years. Following a strong stock market in 2013, assets at the end of that year — the most recent data is available — had grown to
In 2013, there was
But what about those who have been unable to save for whatever reasons?
According to the
Many of them will have no choice but to stay in the workforce as long as their health will allow.
"So many of them spent everything they earned for living expenses, their kid's college and everything else," said
"I read statistics recently saying to have a decent normal retirement you need
"A very substantial number of baby boomers will never be able to afford to retire," he said. "I've talked to a number of individuals who tell me they will work until they drop."
But for some people like
"For the baby boomers, we are highly identified with our jobs,"
"For many of us baby boomers we work much longer into our years because of how we identify ourselves. I think that's really important and really interesting"
(c)2014 the Pittsburgh Post-Gazette
Visit the Pittsburgh Post-Gazette at www.post-gazette.com
Distributed by Tribune Content Agency, LLC
|Source:||Tribune Content Agency|