Retirement is a topic that is becoming more and more important as the baby boomer generation begins to reach the age of retirement. It is a time of life where people can finally relax and enjoy the fruits of their labor, but it is also a time where people need to be financially prepared to support themselves for many more years to come. A recent study has revealed some surprising findings about retirement that may change the way people think about retirement planning.
The study, conducted by survey platform SurveyMonkey and retirement-focused website Next Avenue, surveyed over 2,000 adults over the age of 40 about their retirement plans and expectations. The study found that the majority of respondents did not feel confident about their ability to save enough money to retire comfortably.
While this is not necessarily surprising, the study also found that many people were more concerned about their ability to maintain their current lifestyle in retirement than they were about simply having enough money to retire. This is a significant shift from previous generations, who typically focused solely on saving enough money to retire, without much thought given to their lifestyle after retirement.
Another surprising finding was that many people expected their retirement to last much longer than they had originally anticipated. While the average retirement age in the US is 65, many people surveyed expected to live well into their 80s or 90s. This means that people will need to have more money saved to support themselves for a longer period of time.
One of the most interesting findings of the survey was that many people are not planning to completely retire in the traditional sense. Instead, they plan to continue working in some capacity during their retirement years. This could be in the form of part-time work, consulting, or starting a small business. This is a significant shift from previous generations, who typically envisioned retirement as a time to completely stop working.
These findings have significant implications for retirement planning. Experts suggest that people need to start thinking about retirement as more than just saving enough money to stop working completely. Instead, they need to think about their retirement lifestyle, their life expectancy, and whether they plan to continue working in some capacity during retirement.
One thing is certain, retirement planning is not a one-size-fits-all solution. It is important for individuals to take stock of their own unique circumstances and create a plan that works for them. With the right planning and preparation, retirement can be a time of life where people can relax and enjoy their golden years, without worrying about their finances.