What do you expect to do in retirement? A recent survey conducted by US News and World Report shared some of those findings and we thought you might be interested. The final word is this: You can only be confident about what you want out of retirement if you’d planned well and accordingly. It is never too late to start that process and we are here to help.
Many plan on working longer: According to the survey, almost 48% of respondents planned on working well past the age of 64 before they consider retiring. Another 17% said that they really had no plans to retire given their current financial situation. The reality, however, is that studies indicate that only 19% of current retirees have been able to work beyond 64 due to health, job layoffs and other factors.
Many plan on working in retirement: A whopping 85% of the respondents said they intended to work during retirement, whether volunteer or paid. Of those, 17% said that they would need work anyway. The rest were looking for volunteer or paid employment even thought they didn’t think they would need the money. But, what’s really happening? Upwards of 86% of those who are retired don’t receive any income from employment…see the previous paragraph about health and lack of employment opportunity.
Live long and prosper: Many respondents think they know how long their nest-eggs will last. The reality, however, is that thanks to better medical care, we are living longer! That means that whatever retirement you have in mind may very well need to extend far beyond what you thought.
What about your retirement plans? Are they based in reality? Those plans start with great financial advice and support during your peak earning years. If you have questions or are interested in a consultation, give us a call.