OMAHA (KPTM)- If you're planning to buy a boat or take a European vacation when you retire, you may need to rework your financial future. A new study found that one in eight workers will never be able to afford to retire.
High levels of unemployment, low wages, increasing costs of housing and education have pushed retirement out of reach for many. One financial planner said that on average, people plan to be retired for 18 years but the majority only save enough for 10.
"When I was young, retirement was a goal, it was something that i couldn't wait to get to because iId have so much time to do the things that I've always wanted to do," George Kalil said.
He is still looking forward to retirement, however he comes to work because he likes it. He's over the typical retirement age, but he said he worries his mind will get lazy if he retires.
"I never want that to happen. I still want to be involved. I want to participate in life. I don't want to just sit back on the porch and watch the world go by."
One senior care consultant said that staying active is key to having comfortable twilight years. Larry Andrews is 71 and still participates in group sports.
"I was just out to Kearney about three weeks ago and played in the Nebraska Senior Olympics."
But staying mentally and physically active aren't the only steps a person needs to take to have a relaxed future. Estate planners said that having the proper documents in order ensures that you can end up where you want to be.
"Everybody has plans and wishes they have thoughts about what their life is going to look like in the future and I help them put those wishes or thoughts down in the form of legal documents," Neil Nielsen said.
"We can't do for somebody else, we can only work with them, trying to get them where it is that they are going to be safe and secure," Cathy Wyatt said.
"So that we're not just crossing our fingers and hoping that those wishes happen, but that they are expressed in a way that we're certain that they are going to take place," Neil said.
The CNN Money study also had bad news for those hoping to inherit money from their elders. The report found that over one third of people won't leave a legacy.
Here is a list of services, facilities, organizations and businesses available to help with financial planning.
Mature Resources -Staffing services for elderly - 402-390-2399
Financial Visions - www.financialvisionsllc.com - 402-827-5547
UnitedHealthcare Medicare Solutions - www.uhcmedicaresolutions.com - 402-445-5469
Mass Mutual/Continuum Financial - www.continuumfinanacial.net - 402-343-8363
Care Consultants For The Aging - www.careconsultants.com - 402-398-1848
Eastern Nebraska Office on Aging - www.enoa.org - 402-444-6444