Baby boomers in jeopardy

Baby boomers in jeopardy

Americans turning 65 find little in savings
Mike Vanatta, 61, of Vero Beach, Fla., is paying the price for being a baby boomer who enjoyed life without saving for the future. He put a daughter through college, but he also spent plenty of money on indulgences like dining out and the latest electronic gadgets. Vanatta was laid off last January from his $100,000-a-year job as a sales executive for a turf company. And with savings of just $5,000, he’s on a budget for the first time. In April, he will start taking Social Security at age 62.
Linda Reaves never had much opportunity to save as a single mother raising two sons and a daughter. After holding a variety of positions over the years – hotel office manager, research analyst for a mortgage company, hospital mental health counselor – she was still living paycheck to paycheck. Reaves, who turns 60 this month, plans to work until sheís at least 70 and then wants to travel, even if she doesn’t know where the money will come from.

Baby boomers in jeopardy

Mike Vanatta, 61, of Vero Beach, Fla., is paying the price for being a baby boomer who enjoyed life without saving for the future. He put a daughter through college, but he also spent plenty of money on indulgences like dining out and the latest electronic gadgets. Vanatta was laid off last January from his $100,000-a-year job as a sales executive for a turf company. And with savings of just $5,000, he’s on a budget for the first time. In April, he will start taking Social Security at age 62.
Linda Reaves never had much opportunity to save as a single mother raising two sons and a daughter. After holding a variety of positions over the years – hotel office manager, research analyst for a mortgage company, hospital mental health counselor – she was still living paycheck to paycheck. Reaves, who turns 60 this month, plans to work until sheís at least 70 and then wants to travel, even if she doesn’t know where the money will come from.
On the Net

www.aarp.org/work/retirement-planning/retirement—nest—egg—calculator.html
www.ssa.gov/retire2/retirechart.htm

Reader Comments
click here to add your event
Area Events