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Why Saving for Retirement Is Getting Harder

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Why Saving for Retirement Is Getting Harder

From time to time, we’ve all dreamed of not having the commute and saying goodbye to working every day. We’ve thought about saving money, we’ve attempted it and things always come up. There seems to be many obstacles along the way that prevent us from meeting our savings goals. We’ve overspent a little here and there. It is challenging to save enough each year. We know we need to save more to maintain an enjoyable lifestyle after retirement.

An obstacle on our minds is also that pensions are no longer secure as they were decades ago. If you are even fortunate enough to have one, it isn’t a retirement income anyone is counting on comfortably.  In 1983, 56 percent of American workers—and 80 percent of those making $20,000 or more—could expect an employer-provided pension, according to the Social Security Administration. Now that the era of the gold-watch goodbye is clearly a thing of the past, a host of new forces are altering the traditional approach to retirement planning. Rising healthcare costs and historically low interest rates for fixed-­income investments, for instance, may mean that many of us will have to dial back our lifestyle expectations

Glancing Into Our Retirement

As we glance into our retirement, we have more questions than answers.

  • How much money do you need to have saved for retirement?
  • What will my expenses be?
  • What is my retirement spending budget?

We know we’re aging as gracefully as possible however health care is most likely going to be a considerable expense in retirement that we have to face. It’s another obstacle where there isn’t a clear answer on what to plan.

Unsecured Pensions

Many employees know that pensions are not guaranteed income anymore. We’ve seen it happen to our friends and loved ones where something happened to the company and pensions and retirements were lost entirely or greatly diminished. Many of these employees belonged to unions and paid into pension funds and unfortunately discovered, there are no guarantees. The lucky ones get to walk away with an income from a pension plan. This situation is anticipated to be worse in the next two decades with a majority of these pension plans running out of funds.

Saving For Retirement

Retirement obstacles do exist and it takes diligence and lots of planning. Saving, retirement planning and establishing a spending budget can help you have a more comfortable retirement someday.

Despite these hurdles, there are still savings options that can help you keep your retirement plans on track.

After Fifty Living™ was founded by Jo-Anne Lema, a genuine Boomer and member of the 50+ generation. As she likes to say, “Our enormous generation is charting new territory – we’re healthier, better educated, and more financially fit than any other generation at this time. And, as we march through history, 110 million strong – unique, new issues are developing. It’s exciting to be a part of the development and growth of This is a historic solution for a historic generation.”

Jo-Anne spent many years in the financial and operations side of higher education after having received a doctorate in education management and administration from Harvard, and an MBA from Southern New Hampshire University. Launching out on her own, though, has been the fulfillment of a life dream. Jo-Anne believes that “AfterFiftyLiving™ will delight its visitors, catalyze its partners, and will significantly benefit those who engage it.”

Residing in New England along with her husband of 35+ years, she never ceases to brag about her two children and 4 grandkids!

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