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Doubts concerning retirement
Do you sometimes wonder whether you’ll be able to afford retirement? It’s a common concern among Oklahoma workers, especially members of the baby-boom generation who have begun a wave of retirement here in 2008.
Larry Jones, Social Security Administration
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Published: October 3, 2008
Oklahoman
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Do you sometimes wonder whether you’ll be able to afford retirement? It’s a common concern among Oklahoma workers, especially members of the baby-boom generation who have begun a wave of retirement here in 2008.
Larry Jones, Public Affairs Specialist, Oklahoma City office of the Social Security Administration. Goes by L. Jones
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Social Security demographers tell us that more than 10,000 baby boomers will turn 62 each day this year and the trend will continue for about a 20-year period. Many have not saved — or at least not near enough — to finance the type of retirement boomers are expecting based on present lifestyles.
But even the most anxious of this group should be able to relieve at least some concerns about retirement income by understanding just how much money is needed, and then planning a way to reach that goal.
Most financial advisors say that you will need at least 70 to 80 percent of your pre-retirement income to enjoy a comfortable retirement. Other advisors say that you may need an even higher percentage of pre-retirement income. So where will it come from?
The truth is that, today, Social Security is the largest source of income for most older Oklahomans. For the average wage-earner, Social Security will replace about 40 percent of pre-retirement earnings. In some circles, Social Security has been criticized for not providing enough income for seniors or for those on disability. It’s good to remember that Social Security was never intended to be your only source of income when you retire, and to reach the 70-80 percent replacement income goal you also will need other savings, investments, pension income or part-time work.
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