The Retirement Rules are being rewritten
- We will probably out live our savings!
- Will we be able to afford quality health care when we need it.
- Will we be able to retain our independence and remain physically active.
Most people when asked about working in retirement cited that they wanted to continue working to a lesser extent but to remain active and retain a balance between work and leisure.
For those who intend to continue working during their retirement it would appear that they would do this for a period of approximately 9 years. The age when they stop work completly would be just in excess of 70.
When thinking of retirement many would like change their line of work and try something new and challenging. Indicators are already showing that those facing retirement are looking at different “Retirement Career" options and enrolling for further education and training.
The reasons for doing this are varied but due to increases in life expectancy future retirees are planning to use their additional years to create an independent freedom filled retirement doing things that they've not been able to engage in previously.
Less than one third of people heading towards retirement feel that they are adequately prepared which is rather frightening bearing in mind the numbers that will be retiring within the next 15 to 25 years.
Statistics show that in America today almost half the workforce is aged 40 plus. I'm sure that these figures are similar in Canada, Australia United Kingdom and New Zealand.
Due to the world's changing economic climate issues such as increasing fuel, food and health care costs have many now thinking, “is my future going to be worry free of just plain worrisome". In the past baby boomer's have chosen to work during their retirement to remain active rather than from any financial need but this may be about to change?
As those in America who have just been reminded again (Fannie Mae & Freddie Mac) as elsewhere, many people entering their golden years have been affected by the failures of banks, finance and investment companies as well as seeing their hard earned home equity diminishing.
Without wanting to sound totally pessimistic all these factors point to a real need for those nearing or thinking about retirement to consider carefully what they can do to ensure it's enjoyable, comfortable and secure.
It certainly appears that many of the rules that we previously took for granted have changed and are currently in the process of being rewritten. As one of millions in this age group I strongly feel that sticking our heads in the sand and waiting for things to improve is not an option we want to consider.
Here are some interesting facts taken from a survey undertaken by LifeCare Inc, a provider of comprehensive specialty health services provider. July 20th 2006.
Workers Reveal Biggest Retirement Concerns
When you retire, what do you think your single biggest concern will be?
The poll results were as follows:
- Finances - 59%
- Health - 17%
- Staying independent and physically active - 14%
- How I will spend my time - 6%
- Being alone - 2%
- Where I will live - 1%
- Other - 1%
The above statistics show overwhelmingly that financial security coupled with good health and the freedom to choose the lifestyle you want are uppermost in the mind of those contemplating retirement.
New Merrill Lynch Retirement Study 2006
LifeCare Inc Survey 2006
Article by Rodney Dunn http://www.affiliatestwo.com/ After 25 years successfully marketing offline, now dedicated to helping others create wealth online.