The Latest on Retirement

Lindsey M. Bessy, ALMI, CLTC, MBA, CLU, CASL – Financial Advisor

The idea of retiring at age 65 might be a trend of the past according to recent surveys such as Northwestern Mutual’s “2015 Planning & Progress Study”. Actually, 62% of adults are anticipating working beyond the age of 65 as a matter of necessity. For 79% of individuals, the main concerns are insufficient savings and lack of faith in Social Security and pension plans. Furthermore, 4 out of 10 adults do not have a sense of how much income they will need to retire.

Although 40% of Americans stated they would like to work past 65 by choice*, most Americans have a less sunny picture of their Golden Years compared to present day retirees:

  • 61% of current retirees say they maintained their quality of life in retirement while only 52% of future retirees expect to.
  • Only 68% of future retirees expect to be happy and enjoy retirement in comparison to 80% of current retirees.
  • Only half of future retirees believe that they will be able to focus on activities such as health and fitness while that is an expectation of 74% of current retirees.*

Bottom line – With life expectancy increasing, planning for retirement is like planning for several decades of vacation. The only way to enjoy the well-earned retirement journey is to start planning early.

Executive Benefits Network will help you identify the gaps in your retirement and benefit plans, and provide you with solutions. Contact an advisor today for more information.

*According to Northwestern Mutual’s “2015 Planning and Progress Study”