More and more individuals find it challenging to retire by age 65. A survey conducted by the American Association of Retired Persons (AARP) on 1,026 adults age 35 and older shows longer expectancy of employment beyond traditional retirement age. Most participants were full-time workers who simply cannot afford the cost of living if retired by 65. Financial uncertainties as well as health factors creates great stress for many adults working in later stages of life. As noted by AARP, “Indeed, 11 percent of these respondents say they expect to keep working into their 80s or beyond.” Employees and business owners are remaining in the workforce past retirement age in attempt to support health and living expenses. Consequently, retiring by age 65 is becoming less popular for older adults in today’s society.
RETIREMENT IN TODAY’S JOB MARKET
“The survey finds that half of respondents say they lose sleep over their financial worries. If money were not a concern, they say they would spend time volunteering or traveling, and almost half of those in the workforce would quit their job.”, documents the AARP. Employer contributions for healthcare coverage and personal financial obligations are among the top motivating for factors when considering retirement. Fortunately, it’s never too late for retirement planning. Taking small steps towards financial security generates empowerment and positive outcomes. Making time for people and activities you enjoy adds meaning and fulfillment while working towards retirement goals.
This article is for informational purposes only, and is not intended to provide advice or direct client decisions. Financial suggestions should be discussed with a professional who specializes in retirementment prior to implenting any ideas discussed in this article.