I want to share a report published late last year by Transamerica Center for Retirement Studies. The study surveyed persons in the workplace and those already in retirement. Transamerica hoped to learn: Do the realities of retirement differ from retirement expectations of those currently in the workforce?
Transamerica’s findings were startling. The study revealed a strong disconnect between the reality of retirement and the expectations for retirement among those currently in the workforce.
We would all like to establish a target date for our retirement. With a set date or age for retirement, we’re able to plan towards a specific deadline and measure our progress toward that goal. But Transamerica’s study learned that 60% of retirees had left the workforce earlier than planned. And not for reasons you would think…
On the other hand, only 33% of the study’s participants retired when they were planning to. Even still, consider these points…
Those reaching the ends of their careers are doing so in better health than previous generations. In fact, 84% of those surveyed, aged 50 years or older, reported excellent health. And nearly 60% of them expect to live well into their 90s.
These findings mean most plan to live at least three decades in retirement. This expectation raises important concerns. For these younger Americans, their greatest fears are four very real possibilities:
Yes, these are terrifying possibilities, and they’re all possibilities you must consider in developing your own retirement strategies. But how?
In response to their study, Transamerica offered several recommendations…
This is a lot to consider.
We are living longer and often times being forced to retire sooner than we had intended. The need to plan for longevity in retirement is critical.