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Baby Boomers Realize Retirement Dreams

Although hundreds of Texas area Baby Boomers celebrate their 60th birthday each year, a vast majority may not be financially prepared to realize their retirement dreams. It is said that Baby Boomers started “crossing the line into retirement” on January 1, 2008.
To help Baby Boomers better understand, and overcome, the unique financial circumstances they face in retirement, financial professional, Ray Griffith, CFP, is planning educational efforts as part of the ongoing program of GTEI (Greater Texas Educational Institute) to bring awareness to the need and possible solutions for this group of citizens. Other organizations such as MDRT (Million Dollar Round Table, of which Mr. Griffith is a top of the table member) are also planning targeted efforts to reach the public with educational information.
MDRT, an association of 35,000 planners world wide, launched programs last year that brought together Dr. Alan Greenspan (U.S. Federal Reserve Chairman, 1987-2006) and other experts to explore solutions to the retirement challenges facing Baby Boomers. Ray indicates that “a common theme emerged from the event – there is hope for Baby Boomers, but they must take action on their own behalf”.
“We’ve never had such a huge group of individuals going into the system at once and then living so long in their retirement years,” Dr. Greenspan told the MDRT conference attendees. He said the government will find it increasingly difficult to keep all the financial promises it has made through Social Security, Medicare and other programs in the coming years.
Baby Boomers face financial challenges no previous generation has encountered, including pension terminations, skyrocketing healthcare costs, uncertainty about government programs such as Social Security, decreased personal savings rates and significantly increased life expectancy during retirement.
“To overcome their unique financial challenges, Boomers must take action now on their own behalf to prepare for retirement,” said Ray Griffith. “It is never too late to take steps that will improve one’s financial future. It is not just a matter of ‘running out of money before one runs out of life’, it is a matter of ‘running out of lifestyle before one runs out of life”! And, said Ray, “one does not have to be sick to get better!” Every little detail can matter in planning for a significant future.