A recent study showed that middle-income baby boomers are having a tough time when it comes to planning their financial future. Even though the economy has been unreliable, it is important that boomers save as much as they can, and also chip away at their debt, so they can have a relaxing retirement.
The study focused on 500 baby boomers, and 14 percent of them do not have an IRA or a 401(k) set up. However, due to the economic downturn, many have started to save more than they were before - and it isn't too late.
"Strive to pay down debt, take full advantage of your retirement savings opportunities at work and be realistic about the amount of money you will need to live the retirement lifestyle you want," said Scott Perry, president of Bankers Life and Casualty Company. "Also, consider speaking with a professional advisor to create a financial plan that supports your vision of retirement."
The boomers who are currently planning for their golden years may want to look into retirement living communities. These neighborhoods have everything a person may need - grocery store, theater, restaurants - all close by, plus friends and activities to help maintain their active lifestyles.