More than 75 million Americans – the Baby Boomer Generation – are facing retirement. Suddenly, the event that seemed so far off is right around the corner. But, are the Boomers ready for retirement?

Maybe not. At least, not for a “traditional” retirement. According to the AARP, almost 8 out of 10 boomers plan to work, at least some of the time, after they retire. Many say they can’t afford to retire at all! More than half of those who approach retirement age haven’t made the financial preparations necessary.

It’s never been more important to plan for retirement.

Consider this: Americans now spend an average of 18 years in retirement (Source: US Department of Labor). How will you manage? The answer: you need a retirement plan, including an income strategy, and you need it now.

Your Retirement Plan Should Be All About You

There are thousands of ways to plan. But, there are no right or wrong methods. You just have to find a plan that works for you. Check out the resources available to you at local community colleges, senior organizations and financial institutions.

Here are some important considerations that should be part of your income plan:

  • Should you work longer? Working, even if it is only part time, after age 65, can provide significant income. You may need it.
  • Are you saving enough money? The low savings rates offered right now may seem unappealing. However, you should still put away as much as you can and worry about your returns later.
  • Make sure you understand how to maximize Social Security benefits. Social Security benefits will be a major part of most boomer’s retirement income. Before retirement, boomers should inform themselves of the various benefit options available to them.

For people who want help with the non-financial aspects of retirement, here’s an education option.

The University of North Carolina at Asheville provides a biannual retirement program called Paths to Creative Retirement. It is a strictly non-commercial educational program focused mainly on the non-financial aspects of  life after retirement. Endorsed by Kiplinger, get more information here: