Money | 09/15/2009 3:00 pm
'Retirement Revolution: The New Reality' Airs Tonight, Seeks to Help Baby Boomers Navigate Through Tough Choices
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"Retirement" can be interpreted several ways.
In modern times, many of us look to this coming of age as the opportune moment to live out our fantasies. Whether it’s leaving your 30-year career to live off a pension plan and play golf all day, or finally start the business of your dreams, many of us thought we had the freedom to make what we want out of "retirement." However, current economic circumstances have forced many aging baby boomers to put retirement plans on hold; they simply can’t afford to pursue them right now. Whether you lost a chunk of your savings in the stock market or were recently laid off, Generation Xers are faced with several obstacles when it comes to entering this next stage in life.
A cutting-edge documentary by PBC and MassMutual called "Retirement Revolution: The New Reality" airs tonight and features journalist Paula Zahn as she follows several families looking toward retirement. Through real-life anecdotes and expert interviews, the broadcast aims to address retirement concerns and provide solutions.
"For millions of Americans, the recession has effectively eliminated their plans to retire," Zahn says. "They’re up against lost jobs, diminished retirement plan investments and rising health-care costs. ‘The New Reality’ will help them navigate these troubling waters by offering solid advice, opinions and insight about money, health and Medicare from a host of economists and financial planning experts."
Tell us: What’s your biggest "retirement" concern?
For more information about PBS and MassMutual’s "Retirement Revolution: The New Reality" and to check your local listings, click here.
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"Generation X, commonly abbreviated to Gen X, is a term used to refer to the generation born after the baby boom ended, extending from the early-to-mid 1960s to early 1980s."—Wikipedia
Would your staff like to hire me to proof your copy? Seriously, I need a job, and am too young to retire. My 401k—even if I cashed out—would last maybe five years of a poverty-level existence. That’s my reality.
Like Lee’s husband, I should be retired, I suppose, at almost 73. However, I’m working 20-30 hours/week for the nonprofit I’ve been with since 1975 and am glad I still have a job I like most of the time. My husband worked until he was 76. Although far from wealthy, we may be in relatively better shape than many retirees even though our investments and home have taken a hit. We married in our 40s and both worked for nonprofits, so we never accumulated a huge retirement nest egg.
We’re so fortunate that we have a very good healthcare plan through the HMO where my husband worked. We’re also very fortunate to be basically healthy (so far, anyway).
What’s my biggest fear? That we’ll run out of money and end our days in poverty, even though we’ve tried to plan, save and live within our means or below. We don’t travel, spend very little on entertainment, and our cars are 10+ years old. We do, however, have three beautiful cats and vet care (like healthcare for humans) has become much more expensive.
Although we have some long-term care insurance, the cost of assisted living facilities and nursing homes (both of which we fervently hope to avoid!) is truly scary, and we’re strictly on our own until we "spend down" to destitution.