That means that seniors with just $10,000 or less in savings, especially with no pension or other source of income, are going to have to begin using those savings to make ends meet on a monthly basis just to sustain the standard of living they have today.
Here’s one other very striking, and not unexpected factor that came out of the Market Watch Survey that supports the idea of saving early in life. They found a “strong and consistent” relationship between wealth and survival – people with substantial financial assets actually live longer than those who have fewer dollars saved or who live closer to poverty’s edge.
These facts should be a wake-up call to younger boomers to start thinking about how to pay for the coming 15-30 years you’ll be retired. Also, if you’re in a relationship, think twice about divorcing and focus on getting married and/or staying married. Who would have thought that your financial future and your longevity might actually depend on it?
One thing is certain, the time to look toward your future is now, before the possible challenges you might face become a day-to-day reality or nightmare.
Ron Kauffman is a consultant on issues of geriatrics and aging. He’s in private practice in Henderson and Polk Counties. He is the author of Caring for a Loved One with Alzheimer’s Disease, available on Amazon.com and at the Polk County Senior Center. His podcasts can be heard weekly at www.seniorlifestyles.net. Contact him at 828-696-9799 or by email at drron561@gmail.com.