Many people today plan to do some kind of work in retirement.
In fact, a recent article reported the following figures:
1. 65% of workers plan to work in retirement
2. 27% of retirees say they are employed
3. 42% of baby boomers plan to work part-time in retirement
4. 62% of baby boomers work in retirement because they want/need income or health benefits
5. 67% baby boomers will phase-in to retirement by reducing hours to have more leisure time
These figures show that although folks may say they are working in retirement to "keep busy" or because they really "love what they do" the primary reason for most retirees is related to income and or health benefits.
Having a financial plan, creating, and outlining what it will take to live in retirement directly addresses this issue.
There likely is a strong possibility that if the 65% of baby boomers who plan to work in retirement had a retirement plan and were working to implement it they would be able to make the choice whether or not they WANTED to work in retirement versus HAVING to.
Take the steps to talk with your advisor about your future; no matter how far out retirement seems today. You work hard for your money; let your money work hard for you.
Caroline Hill, Financial Advisor
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).