Retiring When You Want? Maybe

The word “Retirement” congers many different thoughts and images.  I can tell you that after having spent 25 years working with companies and employees that “retirement” seldom means the same thing to two different people. 

And the definition of retirement just keeps getting more jagged as the Baby Boomers reach their senior years.  Research from AP-NORC Center shows that the idea of retiring on your own terms and putting your feet up for your remaining days is something that fewer and fewer people do.  In fact, if that was ever the reality, it certainly is not prominent today.

A couple of stats from the research to get us started:  over 1/3rd of Americans who consider themselves retired did not retire by choice.  Most common reason people take early retirement?  Health problems or disability.  One out of every 3 people stop working not by choice.  Find that surprising?  I do.  43% of Americans over 50 say that the thought of retirement causes them to be more “anxious” than “excited.”  That’s probably not good. And 56% of Americans say they expect to work past 65 with 27% of those saying they never expect to retire.

Now this last statistic may not be all that bad.  Many people find purpose and enjoyment to work and working past age 65 is a choice that they welcome, not a need they bear.  It’s an option, not a requirement.  And that is worth keeping in mind. Rather than being forced to work beyond what your health can bear or what you need to do to provide for living expenses, isn’t it nice to think that your golden years might afford you the chance to continue to stay involved, find purpose and enjoyment without the financial requirement to do so?

What's the lesson here?  It is critically important to promote savings, budgeting, and planning as early in one’s career as possible so that when those later years approach, they are not met with anxiety, but rather with hope and excitement of what can be.
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If you want to work with an advisor who shares such a vision, please give me a call!