The news is out. Baby Boomers are living longer. Plus, the numbers of centenarians are increasing every year. That's good news, except that Baby Boomers will need to consider how to finance a growning retirement period.
Boca Raton financial planner Alan Galinsky told the Sun Sentinel: "We just had a client who died at 108. If we don't plan long enough for our clients, their assets will not exceed their life expectancy. What do we say then? Oops! Sorry!"
More residents from South Florida are living longer age.
Galinsky client Debra Kurzius told the media source that the financial planner "forces you to look at reality." So much so she is contemplating a move to South Florida to save on housing, property taxes and maintenance costs. She and her husband, Jeff, are looking to buy a comfortable South Florida house for half the price of their present home in high-class Bergen County, New Jersey.
"We know we have to get out," Kurzius told the Sun Sentinel. "We know we will eventually run out of money if we stay here." Other cut back methods are owning one car instead of two and traveling less. Savings come in the form of minimizing insurance, gas and insurance.