Retirement Blindspots #1
Some life & financial factors that can be overlooked.
We all have a “blue sky” vision of the way retirement should be, yet it helps to plan for retirement with a little pragmatism. Fate may alter the course of our retirement in ways we do not currently anticipate. So, as we plan for the next act of life, we may want to think about (and plan for) some life and financial factors that are often overlooked.
We may retire earlier than we think we will. Some of us envision leaving the workforce at “full” retirement age (66 or 67), looking forward to “full” monthly Social Security benefits rather than slightly reduced monthly payments. Will that happen? It might not, according to data released this year by the respected Employee Benefit Research Institute.
In EBRI’s most recent Retirement Confidence Survey, 26% of the respondents thought they would retire at age 65. Another 26% expected to retire at age 70 or later.1
These expectations may not correspond with reality. In surveying current retirees, EBRI found that only 8% had worked into their seventies. In fact, just 8% had retired at age 65. Sixty-nine percent of the respondents had left work before age 65, up from 65% in EBRI’s 2015 survey.*
* Citations. ebri.org/pdf/surveys/rcs/2016/EBRI_IB_422.Mar16.RCS.pdf [3/16]
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