Senior Spotlight: Many Retirement Questions, One ‘Answer’
Will I feel financially secure during retirement? What age should I retire at? How much money am I going to need? How long will my retirement savings last?
While retirement is a celebratory and long-awaited event for many, it is also a stage of life that can bring far more questions than answers. A recent report from CNBC reveals a general sense of confidence among retirees, yet there are looming doubts shared by virtually every individual approaching this major lifestyle transition.
Let’s start off with some stats:
| According to Natixis Investment Managers, the average age at which Americans say they plan to retire is 62.
| Baby Boomers plan to work until an average expected retirement age of 68, while Generation Y plans to retire at the average age of 59.
| 83% of nonretired U.S. investors said they are confident they will be financially secure in retirement.
| 41% of those surveyed felt ‘…achieving financial security in retirement is “going to take a miracle” ‘ – a sentiment felt most strongly among Generation Y and Generation X.
| Ultimately the survey of 760 investors showed that “the older people get, the more retirement is elusive.”
Another important consideration is that retirement is not always a choice. No matter when we ‘plan’ to retire, unforeseen health or career circumstances can make the decision for us. Since there is no set of criteria that we can be certain of, experts recommend preparing for what ALL circumstances can bring.
“There’s a lot that can be done to educate individuals on what their investment options are, how to go about planning for retirement and how to put the pieces together.” ~ Dave Goodsell, Executive Director - Natixis’ Center for Investor Insight
The bottom line: Life is a puzzle! But you alone do not have to make everything fit. Our best advice is to build a team of professionals that you vet including a financial advisor, a tax professional, an estate attorney and a Senior Real Estate Specialist® whom can provide knowledge and support over time. That way as your circumstances and desires change – your support system can help you change your game plan with it.
Ultimately you will never 'answer' every retirement uncertainty today, but you can create a foundation that allows you to build and change your strategy tomorrow.
Resource Used
THE NEW ROAD TO RETIREMENT : This is the age when Americans say they plan to retire
Bobbi Decker
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