Retirement Trends and TipsSubmitted by Bradford Financial Center on November 30th, 2017
Wondering what retirement really looks like today? The statistics and demographics of those retiring look different than they did just a decade ago according to the College of Financial Planning.
- The length of retirement is just about as long as our working lives.
- The current life expectancy for men is age 75 and for women, is age 80 years old. However, by the year 2050, it is estimated to be 82.
- The average American lives to be age 92 and retires between ages 62 and 65.
- Retirement represents nearly 33 percent of our total lifespan with 42 percent representing our potential working life.
The Impact of Lifestyle
Today’s economy, health, and longevity present implications for retiring Americans. The rise of older Americans is resulting in increased poverty, increased healthcare, and increased need for long term care that might not previously been considered.
While smart economists will tell you that retiring Americans should not rely on social security alone, millions do rely on Social Security as a guaranteed form of income and expect it to last throughout their retirement years. According to the Transamerica Center for Retirement Studies' 2016 survey of workers, 77 percent of employees are concerned that Social Security won't be there for them when they're ready to retire. But, most people have not done any retirement planning and do not have other assets to live on during retirement.
On average, the retirement goals of the general retiring populations are to travel, visit family, to migrate south during colder months and to be able to provide legacy gifts to their children or grandchildren.
Planning for the Trends Ahead
Understanding the forecast of the retirement road before you is the first right step, but getting your objectives, plans and wishes in order is what changes your future. While the economy is marching upward, older workers would do well to create a strategy for generating retirement income from their savings and track how much retirement income they might expect if these trends continue.
The financial advising team at Bradford Financial Center encourages you to begin working with a financial advisor as soon as possible to:
- Implement a plan to help achieve your future goals and protect your retirement nest egg.
- Determine what you need to save for retirement now.
- Manage the investment portfolio and plan for adverse economic climates.
Are you financially prepared for retirement? Contact us to plan ahead.