News Resources for Seniors

Baby Boomers see retirement as opportunity for reinvention

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America's current economic crisis has some individuals shifting their retirement plans and expectations, according to a study conducted by Harris Interactive. The budget dispute has many people wondering what, if any, cuts will be made to the Social Security system, which the oldest boomers will be eligible for beginning this year.

The study found that this generation has changed their attitude towards Social Security, as they now expect to see a cut in benefit payments over the next few years. Ten years ago most Americans saw retirement as a winding down of their lives, now 54 percent of individuals reaching this age see it as an opportunity for personal reinvention.

Many individuals approaching retirement age are concerned about their personal finances and having enough money to support themselves once they stop working. Investing in an annuity can help reduce these worries as they can provide a set monthly payout to investors for the remainder of their lives, possibly increasing financial stability.

The growing concern about finances after individuals stop working may also be related to the fact that people are living longer than ever before. Therefore, the amount of money that a person needed to get them through retirement 20 years ago may be worth significantly less today.  

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