Retirement Isn’t What It Used to Be—And That’s Okay
How Much Time Do You Have Left?
Knowing how much time you have until retirement can ease your financial planning. But, this is one of the many unknowns.
Statistically, if you retire at age 65, there is at least a 50% chance you will live past your mid-80s. Many 65-year-olds today will live into their 90s. Some will even reach 100. Paying for a retirement that could last 30 years or more can be daunting.
The Challenge of Financial Planning
For many of us, working for 40 years to pay for another 30 years may not be realistic. Saving and investing wisely can help. Yet, life expectancies may be rising faster than our portfolios. The fear of running out of money in old age is very real.
Whew! We Need a Confidence Boost
To feel more secure in your financial plan, think about having a lower income in retirement. It’s better than having no income at all. Your career skills and experience will likely still be valuable when you retire. Technology makes it easier to offer your services and earn a fair fee.
Be Mentally Prepared
Whatever your plan is, you must be mentally ready for it. Prepare for the possibility that things may not go as expected.
Questions to Consider
- Is your portfolio enough to support you and your family through retirement?
- If not, have you thought about what you might do for 15 to 20 hours per week to share your knowledge and experience while earning an income?
- If you are within 20 years of traditional retirement, what can you do now to make the transition easier?