Courtesy of Kim Kirmmse Toth, Positive Aging Inc.

What a wonderful thought! Oh, what a frightening thought! How in the world will you pull this off? That’s a lot of years on this planet. You may have a lot of concerns about what IF this really becomes a reality. What if I really live to be 103?

• Will I have enough money to support myself?
• Will I be able to do the things I always wanted to do at this stage?
• Will I have to live with my children or a Medicaid nursing home?

That’s the million-dollar question. What IF? There are many financial planners who believe you will need at least one million dollars to retire comfortably and securely. There are others who will suggest you don’t need as much. You get to choose. It’s your future and your lifestyle.

Your first step may be to fill out a questionnaire to discover how many years you may have in your lifetime.

Go to www.bbc.co.uk/health/interactive_area/calculators_index.shtml, click on the Life Expectancy Calculator, and complete the questionnaire.

The second step is to go to www.myretirementbydesign.com and click on the Resources button. There you will find the Free Retirement Calculator. This will help you determine how much money you may need for your retirement years.

Now, compare the two results. Will you make it? Will your money outlast you?

As baby boomers, you may have that “sandwich generation” experience affecting you. You may have children still at home or in college or be caring for aging parents. However, let’s put that all aside for the moment. The bottom line is this: Will you have enough money? What’s the hard truth here?

Fifty-seven percent of working adults aged 45 to 54 years have less than $50,000 in retirement savings. If this is you, then you had best get going and get going NOW. Try these suggestions on for size and see if they fit you.

• Put away as much as is allowed in your company’s retirement plans. If you are over 50 years old, you are allowed to invest more than those younger than you. Take this opportunity and start saving today. If you are self-employed, max out your SEP.
• Make it your goal to put away at least a third of your pay. Have it taken out of your paycheck or bank account automatically. Out of sight, out of mind.
• Don’t forget to have money available for the unexpected emergencies that arise. They will happen, and you don’t want to dive into your precious retirement monies to pay for them.
• Keep tabs on how much money you spend. Do you have a budget? Your reckless spending days need to end! What do you spend money on now that is unnecessary or frivolous? Bank it!
• Hold out on collecting your Social Security benefits until you can collect the maximum amount. This will be between the ages of 65 or 67 years, depending on when your birthday falls.
• Keep working! Stay with what you have or find something you love, but know that you need that income to live on now and to allow what you are saving to grow.

Be optimistic! Your financial future is in your hands. You make the decisions of how you choose to live your life now so that you can enjoy your future, however long it may be. Be mindful, be smart, and open your eyes. Sticking your head in the sand will only make you an ostrich!