Financial Planning - Boomer's Delaying Retirement?

The current economic climate has made many baby boomers reconsider retirement as they reach out to financial planners to understand what benefits they are entitled to as well as what savings they have left in RRSPs. The precipitous decline of the markets has many would-be retirees holding out longer in the hopes that markets will recover and in an attempt to build up more equity.

The worse news is that many people only have a rough idea as to their retirement plan in general. This doesn't just include the money they are putting into their retirement savings, but also in terms of the consumption planning once they are in retirement.

There are a host of other financial investment opportunities available to retirees also (just because you have stopped working doesn't mean your money has to as well). There are Registered Retirement Income Funds which keep your money invested to produce moderate gains but also provide a liquidation schedule for you to access your money according to your plan.

Of course the best retirement planning (as reiterated repeatedly) is as early a possible (suggested early twenties). However, sooner is better than later as people can still make changes and plan for retirement as late as in their 50's. The suggested course of action is to see a financial planner to run through different scenarios to determine your financial flexibility and freedom.