'Gap Retirements' Divide Baby Boomer Couples
NEW YORK (TheStreet) -- The retirement income levels for American are improving moderately but steadily from last year, according to data from the Employee Benefits Research Institute, but problems persist for millions of retirees and near-retirees.
One often-overlooked problem is what to do when only one spouse retires, which can mean a substantial hit on combined income and having to put off plans to travel, move or start a business -- or even live -- together.
Howard Hook, a certified financial planner with EKS Associates in Princeton, N.J., calls the retirement gap a "predicament for an increasing number of baby boomers."
"It's a scenario that we're seeing more and more frequently, both with people who have decided it's time to retire and those who get laid off and can't get back into the workforce," Hook says. "There are no easy answers, but as financial advisers we try to help them determine how best to go from here to there."
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