As thousands of baby boomers turn 65 this year, many are concerned about their finances. Boomers in general have seen the market value of their homes decrease, their personal stock portfolios and 401(k)s value fall considerably, and many companies no longer offer pensions for retirees to fall back on. Then you have to factor in the rising cost of health care, which does not paint a rosy picture for future retirees.
To those who are still in the work force, I cannot stress enough the importance of savings. And, if you are thinking about filing for social security benefits at age 62, you may want to wait until your full retirement age so that you can lock in a higher amount of benefits. It is said that Social Security is the largest source of income for the elderly; in particular, elderly women derive a greater share of their income from Social Security than men so keep this in mind when you are thinking retirement.