We often hear people say things like, 50 is the new 40. But does that impact retirement planning? Let’s see!
Have you saved enough? – Surveys show that the majority of those near traditional retirement ages are not very close to their retirement savings goals. For whatever reasons, be they repeated job losses, or unwise spending or not having a great budget, but in some studies up to forty percent of respondents have so little saved they say they will need to ‘work until they drop.’
Demands from pensions – Increasingly, pensions are pushing start times on benefits into the future to be more certain that as we live longer lives, they will be able to pay the benefits quoted. Not only that, but many companies no longer offer a pension-type program, but offer retirement savings through 401(k)s in which most of the contribution is from the individual worker.
Are you healthy enough? – Though many folks retire at age sixty-five, around twenty percent work beyond age sixty-five with most of those works, according to one researcher, the more healthy.
Many of us like it – Many of the people who meet with me say they want to work – if only part-time- well past age sixty-five as they like to work and want the mental stimulation and camaraderie of some employment, though perhaps not in their present field or at the exact same job.
Are your expectations realistic? – Lastly, examine your expectations. Are they realistic? Did you think you would spend your retirement constantly traveling , visiting various countries around the world while not saving for that golden future? Can you survive on what is available to you? Can you even have frugal fun on the potential retirement income? Maybe you could tweak your vision and dreams to meet your present realities and enjoy a delightful retirement.
Save with more determination or plan your next career so you work at what you love into your seventies.
Marion Syversen, MBA
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