Most Baby Boomers Think They Have Enough Funds For Retirement

  • Estate Planning
Most Baby Boomers Think They Have Enough Funds For Retirement | Mario Godoy | Lombard Estate Planning Lawyer

A recent Charles Schwab survey found that 82% of Boomers believe their savings and other funds for retirement will get them “all the way” or “most of the way” to the retirement of their dreams. These same Baby Boomers believe their retirement lifestyle will be better than their children’s. According to the survey of 55-75 year olds:

  • 82% believe their savings will get them “all the way” or “most of the way” to living out their dreams in retirement
  • 84% anticipate their quality of life in retirement will be better than that of their parents
  • 80% believe their retirement will be better than their children’s
  • 33% plan to work in retirement
  • 19% say they or their spouse were financially impacted by COVID-19 through a salary cut or reduced hours

The survey also found that most Baby Boomers started saving for retirement early:

  • 33% began saving for retirement in their 20s
  • 36% began in their 30s
  • 21% waited until their 40s
  • 7% waited until their 50s
  • 2% began in their 60s
  • 1% didn’t start saving until they were in their 70s

Why Estate Planning Is Important for Baby Boomers

Most Baby Boomers probably do not consider themselves wealthy. However, if you own a car or your home, have a savings account or retirement investments, and have other assets you should protect your loved ones and beneficiaries by creating an estate plan. Estate planning is your opportunity to say what will happen to your possessions after you die, and it also lets you determine your health care and long-term care if you become ill or incapacitate.

Talk to your family about the contents of your estate plan and final wishes to your family. When a loved one dies, family conflict and stress are too often a result, mainly because the deceased did not let their family know their wishes in advance.

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Baby Boomer Estate Planning Attorney

If you are a Baby Boomer and want to protect your loved ones after you are gone, an experienced estate planning lawyer can advise you on the best options for your situation. To talk to a qualified attorney in Chicago or Lombard, contact the Estate & Probate Legal Group at 630-687-9100. We provide legal services in Cook, Dupage, Kane, Lake, and Will counties.