Finance

But as many boomers have lost their jobs and faced long-term unemployment in the Great Recession, career change has been difficult.

The days of being able to count on averaging 10 percent annual returns from the stock market are over. So, it is important for retirees to know just how much they can take out of their portfolios every year without drawing them down too fast.

The biggest pain is likely to be felt by baby boomers, who are mostly still in the workforce but facing increasing prospects that their employers may freeze their pensions.

It’s a case of broken promises. A growing number of companies are reneging on health insurance and other retirement benefits, leaving retirees scrambling and sometimes uninsured.

Retirees may be past the days of resolving to work out more or buy fewer $4 coffees. Yet when it comes to money in particular, resolutions may be even more important for those living on fixed income.

Odds are growing that you’ll live past 85. But will your money last that long? And what if you make it to 95 or 100?

It’s so tempting to want to give the grandchildren everything and put their wants and needs first. However, one of the common money mistakes grandparents make is to put spending on grandkids ahead of their own retirement security.

A growing number of grandparents are pushing lawmakers around the country to change state standards they say are too restrictive and ignore the unique bonds many grandparents have with their grandchildren.

Shelley Wernholm, who works for a health insurance company said she wanted to retire and move to a new home by 60. But her pension was eliminated five years ago, her personal investments tanked during the recession and her home of 21 years has lost more than half its value.

The fear of ending up poor or even running out of money in retirement still gnaws at many women in particular.