Baby Boomers are woefully unprepared for retirement, survey says
‘Retired Inspired’ author Chris Hogan explains why baby boomers are facing financial challenges when it comes to retirement savings.
Results from a Legg Mason Investment Survey reveal that Baby Boomers are nowhere near their retirement goals. The survey shows that Boomers have an average $263,000 saved up so far, less than half of the $658,000 on average they will need when they retire. “I think a lot of people have looked at retirement as this magic age, that once you hit 65 there’s going to be a magic fairy that shows up and brings money. The reality is that retirement’s not an age, it’s a financial number,” ‘Retire Inspired’ author Chris Hogan tells the FOX Business Network’s Connell McShane.
For young people who have more time to adjust their retirement plans, Hogan suggests thinking about the lifestyle they would like to maintain in retirement.
“It boils down to what is the quality of your life going to look like in retirement, like what are your dreams? Do you want to travel once a month or is it once a year?”
According to Hogan, getting rid of debt should be a priority as well.
“The other aspect that I teach people to do across the country is to get debt out of your life because it’s a thief,” Hogan continued, “When you get out of debt, you give yourself a raise.”