By Angie Argabrite, Monday, August 6, 2012, at 9:01 am.
Baby boomers confront a torrent of negative retirement news. For starters, three in five retirees will outlive their financial assets if they keep up their pre-retirement standard of living, and the average 65-year-old couple will face more than $250,000 in out-of-pocket healthcare costs over the remainder of their lives. In Canada, those over the age of 65 have the highest bankruptcy and insolvency rates in the country and are thus finding themselves reentering the workforce in droves. Experts advise retirees to do their homework well in advance, and those facing retirement today say that if they had it to do over, they’d save more and earlier. Even as baby boomers retire earlier than expected, it seems the majority of us would be best prepared financially if we retired at age 70 so as to avoid dipping into savings for as long as possible. Governments around the globe that are struggling to cough up state pensions are considering whether to raise the official retirement age. But retirement certainly isn’t all gloom and financial doom. The average person 65 or older sleeps nine hours a day and devotes just over seven hours a day to leisure and sports activities—spending twice as much time as younger people reading, thinking and relaxing. Marketers aren’t the only ones who can recognize that that is a luxury worth waiting for.