Retiring? Maybe or is it Part-time Jobs for Most?

Let’s face it, a lot of us didn’t do a very good job planning for retirement.

A poll of the retirement planning platform, Retireable says that 64% of retirees plan on spending their retirement years just like they’re doing now and hope they can afford their current lifestyle. Only 8% plan on — or can afford to — travel.

A fortunate 13% have a second home where they’ll be spending some time.

The why of all this is easy as 63% say they don’t feel like they’ve saved enough to get them through retirement. The poll found 52% planning on taking a part-time job to afford to live.

Many are blaming inflation for their now financial — or soon-to-be — financial woes. But Retirable CEO Tyler End says what’s really going on is people not being really sure how far their savings and investments will go. That’s because 67% of respondents haven’t met with a financial advisor to come up with some sort of plan.

“One of the most important elements of a sound financial plan is having the basics of long-term investment and income strategies set up,” End noted. “By accounting for a retiree’s needs, goals and dreams throughout retirement, a financial adviser can effectively bucket assets into a range of low-risk to high-potential investments, and as life changes, the plan can be adjusted alongside to fit the needs of the individual and their family.” 

When it comes to workplace help, 93% of employees say they want their company to give them financial planning services. Retirable’s research shows that while 93% want that service, just 31% actually use those benefits to come up with a long-term plan.

“Employers should provide greater access to financial planning tools and resources outside of cookie-cutter 401(k) programs that lack the education and clarity that many employees need,” End said. “Hosting a webinar or info-session around this is a great place to start.”

Source link: Employee Benefit News — https://bit.ly/4cs0IyY

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The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.


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