Senior Retirement Planning

by Karl Edmunds ::

For many seniors, the door to retirement is not all it is cracked up to be. Some have lots of time but no money and can’t figure out what to do. Others have money but can’t get out of the work mode and claim no time to relax and look at alternative activities.

What drives most of the uncertainty is the unrelenting fear of the future. And when I say fear of the future, it means a core survival fear.

How will I survive if ______________ happens? (You fill in the blank) What if we run out of money? Financial uncertainty seems to be the core uncertainty that keeps seniors from enjoying the moment.

Most Boomers that are knocking on retirement’s door admit they do not feel they have enough money saved for retirement years. So the big questions are how to find the best values on everything to extend savings.

What are the likely trends?

• Seniors across the country are recognizing the need to live in smaller homes, reduce or eliminate high end amenities and locate low maintenance and energy efficient properties.
• Because of difficulties getting financing, poor credit and uncertainties about the future, many seniors will look for rentals, leases of homes and other entry strategies instead of taking on the risks of ownership.
• Seniors will likely search for retirement communities not solely for the weather but for locations that offer low cost transportation and offer values in health care and fitness facilities. Overall tax burdens and costs of living will also be critical decision factors in selecting places to live.
• The definition of retirement will likely change for many seniors. Studies suggest well over half of retirees expect to remain working to support cash needs and to stay engaged. The decision to stay in the work force longer will change what is important for many seniors. Office space in the home will be more important along with access to dependable transportation
• Mobility in retirement will be more important than ever to seniors. Nothing is permanent and for the sake of jobs, family, weather and costs of living, more seniors will be willing to pack up and leave.
• Manufacturers and service providers devoted to the senior markets must be flexible, niche oriented, and responsive. The wave of Boomers headed for retirement will not settle for a “one size fits all” marketing approach to products or services.

Over the past year or two, market conditions have severely impacted retirement income planning for seniors. And it has bruised the psychology of the senior population. This psychological suffering is the fuel that feeds future uncertainties. Until the confidence returns, seniors will be cautious, value driven, and demanding flexibility.

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About the Author

For more than 20 years, Karl Edmunds has been a noted author within the business and management consulting arena. As a senior, he now engages his curiosity and observations about life to write about key issues of importance to the growing community of seniors (Boomers), and the value of living life to the fullest every single day. Give me your comments and suggests at <a title=”For-Seniors.org” href=”http://for-seniors.org” target=”_blank”>http://For-Seniors.org</a>