Retirement is something that most people perceive to happen around the age of 65 but there has been a new trend emerging as a result of the economy and people living longer. Transamerica Center for Retirement Studies reports that 39% of people said they will work past 70! People are saying that they can't afford to retire at 65 because their retirement and social security is not enough to live on. Another 54% said they would work until at least age 69. These are things that we must think about and plan for. We sometimes take these things for granted if we are already in a comfortable position financially. Are you planning for retirement? Do you have a backup plan?
Your Health is your Wealth. Staying healthy should be part of your plan as to maintain your longevity to work if you had to and to decrease the amount of medical bill debt with no workable income coming in. Also create alternative income streams not just your job and savings. Wealthy people(46%) with 3 million in investment assets said they will continue to work in retirement! These are people with millions so what happens to the average working person who does not have that. We have to "read the tea leaves" and plan accordingly. Out of those with the 3 million in assets only 49% of them said they would leave an inheritance to their children. Some feel you will need at least $250,000 in retirement savings to survive after retirement. Can you afford to Retire?
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