Article

A Day Late & A Dollar Short

Under-prepared Boomers Facing Less-than-shiny Golden Years

Heather Stewart

August 1, 2012

Enter the Workforce
Thurber says many Boomers with a non-working spouse are realizing that their spouse may need to go to work for the next 10–15 years. Why? This would enable the spouse to start funneling money into the 401(k)—potentially an additional $22,500 each year.

There are also Social Security implications. Non-working spouses are eligible for 50 percent of the working spouse’s Social Security retirement benefit. However, if they can amass 10 years of employment, they would be eligible for their own benefit or 50 percent of their spouse’s benefit—whichever is greater.

Work Longer
The easiest way to catch up is to work longer, says Thurber. “That has a compounding effect. One, an extra year worked is a year they don’t have to save for; and two, it gives them another year of saving and investing for retirement.”

Or, a Boomer could go ahead and take retirement, then work part-time for a few years to generate some extra income.

Page 123
Utah Business Social
UB Events View All
Content Marketing BootcampUtah Business Event
Oct 28, 2014
Please join Utah Business Magazine and Adobe, along with our other sponsors: Boostability, Right ...
Sustainable Business Awards 2014Utah Business Event
Nov 13, 2014
Utah Business magazine along with presenting sponsor Big D Construction, is pleased to announce t...
Best Companies to Work For 2014Utah Business Event
Dec 11, 2014
Utah Business magazine along with our sponsors Diversified Insurance and Miller Motor Sports Park...
Community Events View All
St. George Book Festival - The Writer's Journey: One-Day Workshop
Oct 24, 2014
Come enjoy this one-day conference designed to give authors and aspiring authors the opportunity ...
Sandler Management Solutions
Oct 24, 2014
Who Should Attend? If you are an owner or manager, you know that your job is one of the most d...

info@utahbusiness.com  |  90 South 400 West, Ste 650 Salt Lake City, Utah 84101   |  (801) 568-0114

Advertise with Utah Business

Submit an Event

* indicates required information
* Event Name:
Price (general):
Website (if applicable):
Coordinator's Name:
Coordinator's Email:
Coordinator's Phone:
Venue Name:
Venue Address:
Venue City:
Venue Zip:
Event Capacity:
Date(s):
to
* Event Description:
  Cancel