Folks, this is where the rubber hits the road. Retirement has been canceled. You don’t have any savings, and neither does the government.
Despite what the marketing machines at financial services companies tell you, retirement will not include golf, health, laughter and clean white shirts.
Here’s the reality for the children of many baby-boomers:
- Your parents can’t afford healthcare or to live in a nursing home, so they’ll probably move in with you.
- Your parents have spent every penny, don’t own a house and can’t afford rent. Many may even be in debt.
- Your parents are slowly falling to pieces as years of poor lifestyle add up.
The percentage of workers who said they have less than $10,000 in savings grew to 43% in 2010, from 39% in 2009, according to the Employee Benefit Research Institute’s annual Retirement Confidence Survey. This did not include primary residences, so there is some hope. But for 43% of workers to have less than $10k in liquid assets is scary.
