Times they are a-changing. The world is different than it was ten years ago, and people are having to adjust to a new landscape they find themselves in. The fact that you put away money into a retirement annuity may not be enough anymore, and people are finding that they have to work longer than ever before. For retirees or people nearing retirement, financial worries are setting in as they try to budget for the rest of their lives.
According to Maritz Research’s Retirement Study, which surveyed 1,000 near and recent retirees, those with investment savings of $500,000 or more felt that their retirement was more achievable than those with less than that amount saved. Savings of $500k or more meant that they would be less likely to have to seek employment at some point during retirement in case of financial worry.
Of course, having half a million dollars in the bank will help keep your mind at ease, but the fact of the matter is even that may not be enough today, and no one knows what is going to happen in the future. The uncertainty is scary for many Americans because retirement is beginning to seem like an out of reach goal.
It is not just retirees that are affected. Near retirees’ attitudes reflect their uncertainty as well. The survey shows that near retirees feel as though they are much less prepared for the possibility of increasing health care expenses or long-term care. They are even more unsettled about having enough money to last through their retirement, and it is a valid concern.
The truth is that more and more couples will find themselves in a position where the kids have long since flown the nest, and the parents who were going to retire and perhaps travel cannot do so. and have to keep working to stay afloat.
Planning for retirement is more important than ever, as it seems that if you do not plan for it correctly, then it may never happen.
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