We’ve been focussing on the “senior bust” that many baby boomers will face as they approach retirement.
So how can baby boomers avoid the senior bust?
The starting point is to understand your finances. You’ll need to know your current assets and have a good idea of how much you’ll need to live off during retirement. Assuming your current retirement is not adequate, you’ll need to save more and invest wisely.
Some alternatives include:
Delay retirement. The longer you work, of course, the more you can save and the longer it will be before you need to draw off of your retirement funds. Assuming your children are grown and your expenses are minimal, you can probably save a great deal more for retirement than you could when you were younger.