“If you’re a baby boomer in your late 50s and early 60s and planning to retire in five or six years, you have to increase that to the age of 70,” says Dr. Farhad Saboori, an Albright College economics professor. “Not in all businesses do you have that luxury, so there will be some forced retirements or buyouts.”
With economic recovery expected in a year or two, boomers may change their plans again and decide to retire after all.
There are also many boomers who have lost their job for one reason or another and been forced to take another job with a much longer commute and lower pay. But they’re glad to be working.
Many boomers are taking emergency actions to save money. About two-thirds of Americans age 45 and older have reduced spending on entertainment and cut back how much they dine out, AARP reports. Half of them have found it difficult to pay for food, gas and medicine, the survey reports.
Many are getting rid of their home telephones, relying instead on a cellphone.
If you would like more financial information geared toward seniors and boomers, come to a series of Financial and Retirement Seminars at the Crescenta-Cañada Family YMCA on April 4 and May 16 from 11 a.m. to 1 p.m. The events are free to the community and include lunch. For reservations call (818) 790-0123 ext. 225 and leave a message.
NANCY TURNEY received a bachelor’s degree in social work and a certificate in gerontology. If you have a specific question you would like answered in this column, e-mail it to firstname.lastname@example.org or call Turney at the Crescenta-Cañada YMCA, (818) 790-0123, ext. 225.