Boomers and the Economy

September 18, 2008 7:22:42 PM PDT
The volatility in the stock market and the general state of unrest in the economy right now has many Americans wondering whether they'll have any money when they retire - especially baby boomers or those born between 1946 and 1965. Many have to work beyond their predicted date of retirement.It was standing room only at a free retirement fair at the Radisson Hotel in downtown Fresno. California public employees had the opportunity to question financial experts about retirement accounts, social security and their pension plans.

A 49-year old cal fire employee wants to retire in four years but wonders if he can afford it. Vic Loftin says, "I'll probably have to keep working after I retire."

Like Loftin, many boomers are finding they're going to have to keep working just to pay the bills. Another boomer, Larry Carpenter's worries are compounded. He's 49 and unemployed.

He says, "I was hoping to retire at 65 but now that looks kinda grim because the retirement programs are not there and the funding and such."

Carpenter spent the day along with thousands of others collecting job applications at the mayor's career and education expo at the Fresno Convention Center. A significant number of the unemployed were boomers. Boomers have seldom had trouble with employment or saving for retirement. But one 51-year old woman action news spoke with says she's without a job for the first time in 16 years.

Fresno financial analyst Clay Blanton says even in today's economy and with just a limited number of years before retirement, boomers can create a nest egg. But it will take some work and a financial planner.

Blanton says, "They're going to see what your time horizon is and build a plan accordingly to make sure that you're not too aggressive or too conservative with your portfolio."

Blanton says whatever boomers do, they shouldn't panic. They should simply develop a new plan.

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