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A national study found that working longer help improve retirement readiness.

what is your retirement readiness?This may reflect the significance of higher Social Security benefits when claimed at a later age, a longer period in which to accumulate money and a potentially shorter retirement.

During the past two decades, ‘retirement readiness’ has become a common term in our vernacular. It was inspired by the imperative for Americans to take an even greater role in funding their retirement due to increases in life expectancies, questions about the future of Social Security, and the shift from traditional defined benefit pension plans to self-funded 401(k) and other defined contribution plans.

A myriad of characterizations of ‘retirement readiness’ have emerged, many that describe it as a gauge to determine whether a worker’s nest egg is adequate to retire at age 65 and generate sufficient income to last throughout his/her retirement years. Along the lines of these definitions, the 2012 Transamerica Survey found low levels of ‘retirement readiness’ among workers, and for many, collecting enough to retire by age 65 may be unrealistic.

  • Only 39 percent agreed that they are building a large enough nest egg (10 percent strongly agreed, 29 percent somewhat agreed)
  • 69 percent of workers agreed that they could work until age 65 and not save enough to meet their retirement needs (32 percent strongly agreed, 37 percent somewhat agreed)

The survey also found workers have already begun adjusting their expectations and the notion of retiring at age 65 has changed dramatically. Most workers plan to either work past age 65 and/or work part time in retirement. More than half (56 percent) plan to work past age 65 or do not plan to retire. And more than half (54 percent) plan to work after they retire.

Working longer and retiring at an older age is an effective way to alleviate nest egg shortfalls; however, few workers (20 percent) have a back up plan if they are forced into retirement sooner than expected due to life’s unforeseen circumstances.

Source” Transamerica Center for Retirement Studies, 2012

I specialize in retirement planning strategies.

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