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Threats to a comfortable retirement lifestyle

 Over the past few months, I have been reading about three forces—inflation, the Baby Boomer great Retirement trend, and new regulations.

First, there’s inflation. It’s understandable to have concerns about inflation, the cost of Retirement, and the cost of potential new government regulations. However, it’s important to note that there are many factors that can affect these things, and it’s not always possible to predict exactly how they will change in the future. It’s a good idea to plan for the future as best as you can, but it’s also important to be flexible and adaptable to changes as they come.

Second, Forbes is reporting that more people are entering Retirement age than ever before in a new type of “Retirement crunch.”

That means you can expect the cost of second homes, vacations, and restaurants to skyrocket due to increased demand.

The Retirement of the Boomers might impact the availability and cost of Retirement resources, such as housing, healthcare, and financial services. As more people enter Retirement age, there may be increased demand for these resources, which might lead to cost increases. However, it’s important to note that there are many other factors that can also affect the availability and cost of Retirement resources.

The term “Retirement crunch” is often used to refer to the idea that there may not be enough resources available to support the needs of the growing number of people who are entering Retirement. This can include financial resources, such as Retirement savings and pension plans, as well as physical resources, such as housing and healthcare. There are a variety of factors that can contribute to a Retirement crunch, including changes in demographics, the economy, and government policies. Some experts believe that the Retirement of the Baby Boomer generation, which is a large group of people born between the end of World War II and the mid-1960s, might exacerbate these issues. However, it’s important to note that there is ongoing debate about the extent to which a Retirement crunch actually exists, and different experts may have different opinions on the matter.

The third issue is new government regulations and many worry that their government will make it more costly to retire. However, a study by Net Credit found that for the average American to retire at the average age in America (64) with an average life expectancy (78.7) they would need around $601,489 in the bank. This amount would pay for a comfortable Retirement. The average Canadian would need $496,118, a saving of $12k a year between the ages of 64 and 78.

Mexico is the cheapest place in North America, at the cost of $257,078. This is nearly a quarter of the cost of retiring in Bermuda. But if you’re hooked on the idea of retiring to paradise, the Bahamas is an option at $568,202–$8k/year cheaper than the US. For more information about Retirement savings needed in each country of the world, go to https://www.netcredit.com/blog/cost-comfortable-retirement-around-world/ 

Originally Published on https://boomersnotsenior.blogspot.com/

I served as a teacher, a teacher on Call, a Department Head, a District Curriculum, Specialist, a Program Coordinator, and a Provincial Curriculum Coordinator over a forty year career. In addition, I was the Department Head for Curriculum and Instruction, as well as a professor both online and in person at the University of Phoenix (Canada) from 2000-2010.

I also worked with Special Needs students. I gave workshops on curriculum development and staff training before I fully retired

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