Retirement News : Seniors : AARP director: Boomers ill-prepared for retirement

AARP director: Boomers ill-prepared for retirement

Date Added: 06-09-2005

Foster's Daily Democrat - Dover,NH,USA

Monday, August 29, 2005

AARP, North America's biggest lobby group for seniors is warning baby boomers to start preparing for retirement.  Read the exceprt below.

John Rother, director of policy and strategy for the AARP in Washington, D.C., likened the Boomer Generation to a man who fervently prays to win the lottery but never buys a ticket.

"Too many people aren't buying the tickets — not doing what they need to do (to prepare for retirement)," said Rother, considered an authority on Medicare and Social Security.

Rother said people retire too early, given today's longer life spans. And they underestimate old-age expenses.

America's biggest generation is creating a demographic challenge. Boomers, born between 1946 and 1964, are not financially prepared to live long lives. Consider this: 40 percent earn less than $25,000 a year, and half of private-sector workers have no pension plan.

Read the entire article:

http://www.fosters.com/apps/pbcs.dll/article?AID=/20050829/CITIZEN0101/108290071