New Retirement Challenges Facing 78 Million Baby Boomers - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

New Retirement Challenges Facing 78 Million Baby Boomers

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According to U.S. News and World Report, the average life expectancy for people turning 65 is an additional 20 years for women and nearly 18 years for men.

Chris Abts, founder of Cornerstone Retirement and author of a new book called Redefining Retirement, said longer life expectancy is posing a problem for many retirees trying to make ends meet.

He said retirement used to look like a three legged stool. Abts said you would have social security, a pension and some investments. He said that once stable stool is beginning to wobble.

"It looks completely different and the stool looks pretty wobbly now because pensions are going by the wayside, they're disappearing or maybe they're unfunded. We are seeing some concerns with that."

Abts said most employers are going away from pensions and providing a 401k Plan.

He said a 401K was never meant to be a main source of income when one retires.

He said a 401k is also too unstable if that is you only source because as we saw in 2008, the market can collapse and your 401k can be cut dramatically.

As for Social Security, Abts said there's not enough money in it to support everyone preparing to retire.

Abts also said another concern is the cost of healthcare will be a big strain on future retirees.

It's been increasing significantly faster than inflation.

"Fidelity does a study every year. This year, for 2013, they said the average couple at the age 65, should expect to $220,000 during their retirement years for out of pocket healthcare costs and that does not include nursing homes or maybe potential long-term illness expenses."

To watch my entire interview with Abts, tune in to Face the State. It airs Saturday at 4:30am and 3:30pm. The show also airs Sunday at 6:30am and 4pm.

Written by Chris Ciarlo

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