Americans are living longer than ever, which means retirement could last 20 to 30 years for some people – maybe even longer.
That’s great for those who remain in reasonably good health and retire with plenty of financial stability.
But lengthy life spans also increase the odds that many seniors will deplete their savings, face debilitating health problems and need to turn to their children for financial help or caregiving.
That’s a far cry from the kind of retirement they dreamt of over the years.
“I’ve done focus groups where one of the chief concerns that comes up is people don’t want to become a burden on their kids,” says Jeannette Bajalia, a retirement-income planner, president of Woman’s Worth® (www.womans-worth.com) and author of Retirement Done Right and Wi$e Up Women.
It’s really too late to do much, though, when you’re 80 and your life starts unraveling. That’s why it’s important to plan ahead to get your finances and health in the best shape possible, she says. Among some of the points worth thinking about: [Read more…]