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A New View of Retirement

Core Facts


Monday, April 15, 2019

Once you reach retirement age you may be thinking about leaving the workforce, but what does that actually mean?

What is retirement age these days anyway? The average age to retire in the United States is just under 60 years old, but at 62 you can start to get your Social Security payments every month. 66 is the average full retirement age in America.

When you think about retiring, it’s important to start thinking about what you’d like to do with the rest of your life. When you take a look at historical statistics, we see that in 1900, folks in America did not often live past the age of 50. Today, the CDC says the average American can expect to live to 78 and older.

Instead of 12 years of retirement, you are now looking at a minimum of 28 years of being out of the workforce and relying on your investments or Social Security to keep you going. Perhaps taking another look at what age to retire is a good idea.

Planning is everything, and if you think you have enough saved to get you through, that’s great. Just remember to factor in living and healthcare costs as well.

On top of the hard monetary costs associated with living, you also have an emotional toll to consider. What are you going to be doing for almost three decades while you don’t work?

Are you planning on taking up golf or doing volunteer work?  Or are you just going to sit at home and watch daytime TV?

For some folks, retirement can be a wonderfully fulfilling experience, but for others, it can lead to depression. Nothing to do and no way to earn money on top of the fact that there is no meaning to their life once they leave their work environment can be a serious blow to the way you see yourself.

If you had a team that you led when you were at work and suddenly you find yourself at a buffet or family restaurant on a Monday trying to find someone to talk to because you are lonely, you may find that depression is right around the corner.

Work out if retirement is really necessary or if you have the option to try semi-retirement as an interim measure. See what the future holds for you, and figure out what you want from the next 20 to 30 years before deciding on 62. Perhaps retirement isn't for you just yet.

 

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

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Author: Sally Falkow

Categories: Retirement Planning Information

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Lawrenceville, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com

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Jake Mendlinger
Account Manager
Zimmerman/Edelson
516.829.8374 X 232
jmendlinger@zimmed.com

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