Baby boomers have given retirement a whole new meaning. The days of lounging in rocking chairs have been replaced with days playing sports, volunteering and seeking new adventures. From living longer, to staying active, to financially supporting their children, retirees in this day and age have transformed the Golden Years into something far from what their parents experienced. With this new era of retirement come different challenges that Boomers will have to consider when deciding whether they are ready to enter retirement. Join CFP® Joe Anderson and CPA Al Clopine as they cover life expectancy changes, proper saving techniques, compound interest and important ages to remember for your retirement accounts.

0:06 “When you take a look today, you’ve got a crazy economy, we’re living a lot longer, you’ve got the demise of retirement pension plans, which have really turned traditional retirement planning on its ear”

1:05 “It’s up to you to create your own retirement income

3:42 “Most of us don’t have pension plans anymore so it’s much more difficult to make this work because many of us are retiring at 65, some of us at 62, and you may have decades of retirement”

6:16 “If for a 65-year old couple there’s a 50% chance that one of you will live to age 92 and a 25% chance that one of you will live to age 98, so you better be planning for a long time”

9:10 “A lot of employers do not even offer a 401(k) plan”

9:46 “When it comes to retirement planning, it is not your mom and dad’s retirement planning, there’s a lot more things you can do. And I think a lot of the time we focus on the dollars and cents, but you’ve got to look at what your life is going to look like”

10:23 “Boomers are booming, enjoying their favorite hobbies but also giving a lot of their time to good causes

11:25 “One difference for the greatest generation that could impact their quality of life is they’re helping out their family members financially at greater rates than their parents did”

13:11 “Most private employers do not have a pension plan”

14:46 “If you have a 401(k), take advantage of it because it’s a way to put a lot of money into retirement.”

18:40 “If you take social security early at age 62, you cannot have earned income over about $15,000 in change”

20:49 “You can take money out of an IRA, you can put it in your checking account, you can spend it, you can do whatever you want to at any age as long as you put it back in the IRA in 60 days there is tax or penalty”

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Aired: 2/28/15

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• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor.
• Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with a tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors. #YourMoneyYourWealth #YMYW #YourMoneyYourWealthTV…(read more)

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