Since the 2008 downfall of the economy, many baby boomers are worried about whether they will have enough savings to retire when they originally expected. However, developing a income plan now can make retirement living more of a reality, according to the Scranton Times Tribune.
An income plan can focus on your savings for the long-term, especially if assisted living or other long-term care becomes a necessity. Seventy percent of individuals who are over 65 will eventually need some sort of long-term care at some point in their lives, according to the news source.
Creating a plan that outlines all of the what your saving are and includes any costs that are spent and benefits you earn, can help a person organize their future. This way the burden of the cost does not fall on family members, and people may be able to retire when they want to, the media outlet reports.
According to Social Security Online, the age for full retirement has recently increased from 65, which it has steadily been for many years, to 67.