January 1, 2011 marked the day the first Baby Boomer turned 65. The reality of working longer has set in for many Boomers as life expectancy continues to increase. Determining the best retirement age has proven to be both a priority and a challenge around the world. For example, the French Parliament rose the retirement age from 60 to 62 in an effort to enhance their nation’s economy despite weeks of rioting by French citizens and reforms in Spain. Under the newly approved reform bill, the retirement age in France will be raised from 60 to 62 by 2018, and the age of full pension eligibility from 65 years to 67. Britain plans to increase the pension age to 65 for both men and women in 2020.
However, turning 65 does not necessarily mean retirement for you. My clients can hear and read about retirement changes through the media and should be able to rely on their trusted financial advisors to provide guidance when making important retirement decisions.
Three areas Boomers should evaluate are:
• The “lifestyle” they want to maintain during retirement
• The “life income” they will have available to support their lifestyle
• The “life boats” they will need to sustain their lifestyle, should the unforeseen occur
At Newsad Insurance Services we strive to build relationships built on knowledge, trust, and service. Tom Newsad sells life insurance and fixed annuities in Middletown, Trenton, Hamilton, South Dayton, Monroe, Franklin, Carlisle, and surrounding areas.