Many Americans entering retirement age have a bleak outlook on their way of life. Some reports are finding that one third of these Americans have saved less than $5,000 for retirement. Also these reports state that many more baby-boomers have $25,000 or less available in retirement.
Overall, many Americans state they have zero in retirement savings. This harsh reality becomes even more dire if and when Social Security as a safety net is no longer be available. Most Americans believe that they will indeed outlive their retirement savings.
The growing complexities of the financial implications during retirement are proving as a cautionary tale to millenials that it is never too late to start saving and planning. A remarkably high number of Americans are yielding to the perception of working long past retirement age; especially when their professional satisfaction is overshadowed by the desire for disposable income.
Americans are becoming more creative with how they overcome these challenges. According to Rebekah Barsch, VP of Planning at Northwestern Mutual, “Continuing to work later in life should be a personal choice and not a mandatory requirement for survival. … Proactive financial planning can be the difference between a desired and a default retirement lifestyle.”
Marc has 36 years in financial services and 6 years in teaching.
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