First Baby Boomer Applies for Social Security
Posted October 17, 2007
The nation’s first baby boomer recently applied on-line for social security retirement benefits. With millions of baby boomers starting to enter retirement, financial advisors are asking people to plan ahead and begin planning as soon as possible.
Social security was never meant to be the primary retirement income. Retirement planners say that it’s up to the individual to invest their money for when they’re no longer in the work force. Unfortunately, some advisors tell people that standard savings should be enough for them to have 80 percent of their income yearly for when they retire.
Yet, it depends on what you plan to do during retirement. In the past, people used to say the general rule of thumb is that you will need 80 percent of your pre-retirement income. However, you may need 80 to a 100 percent or even more. Typically your expenses are not going to go down significantly, especially when you take into account health care and disability costs.
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