ARE BOOMERS IN A STATE OF DENIAL ABOUT THEIR RETIREMENT?

BMO Financial found that only 28% of Baby Boomers have savings and investments worth $100,000 or more!

In fact, about one in five have no savings at all, and 73% are still carrying debt!

With statistics like that, you can't blame people for trying not to think about retirement, and what it's going to cost them.

Author Lee Eisenberg says it's the last taboo!"

People would sooner offer personal guided tours through their medicine cabinets, provide detailed dossiers on their sessions with their psychotherapists and cosmetic surgeons, or describe in graphic detail which particular sex acts they long to perform with this, or that man, woman, or farm animal, and with what boot, whip, kitchen appliance or hand tool.

"When told that "I am insured......I have a $100,000 of life insurance!" a colleague of mine replied "I guess you aren't planning on being dead very long!" We can add to that "With $100,000 in savings I guess you aren't planning on being retired very long!"

The foregoing summarizes the current retirement status of 72% of the Baby Boomer generation. No wonder it is causing a state of fear and denial.

At age 60 next to good health the most critical resource necessary to ensure a life in retirement has been consumed..........time.

BMO suggest that the old rule of thumb that you need 70% of your ore-retirement income to have full life "is useless". Because Canadians are healthier, more active and are trying to take advantage of this next phase of their lives their lifestyle costs go up.

The word "retirement" should be retired because it's more of a "transition" today than a complete departure from a traditional working life.