Your retirement, well let’s just say, it’s nowhere close to your parents’ retirement. Depending on when you were born, the typical package rewarded to retirees at 65 included a gold watch, a guaranteed pension, and health insurance for life.
For many Americans, retiring in the new century has taken on a new form that is latent with many unknowns and uncertainties. Earlier generations of workers could rely on employer-provided pensions, but now many American workers will need to rely on their own work-related and personal savings – with a possible employer match, plus Social Security benefits. Unlike your parents and grandparents, these savings must stretch and stand the test of time because Americans are living longer, often into their golden years. Life expectancy of retirees often exceed well in to their eighties and nineties, outside of the threat of inflation and rising costs, having enough money to live comfortably is a new concern.
If you are one of those people who wants to plan – and are about 10 to 20 years from the day you retire – this post is for you. Today, retirees have a “new kind” of retirement. With longer and healthier life span discussed earlier, bikes, boats, planes, and RVs may be part of your life. You are more likely than previous generations to be an active, retired American.
The new retiree will seize opportunities to take courses, start new careers, volunteer, and become entrepreneurs. Every option makes it possible that your future can be an adventure. A longer life, however, will also mean more medical care, some of which will not be covered by today’s Federal Medicare program.
The entire retirement scene has changed and continues to change. Many American workers find their prospects to retire comfortably a cumbersome task and maneuvering various retirement vehicles a mystery. In fact, a 2011 survey by the Employee Benefit Research Institute (EBRI) suggests that only 42 percent of Americans have tried to understand how to calculate the amount of savings needed for retirement.
To master your financial literacy you should know how to take control of your finances so that when you retire, you have the time and money to do what you’ve always wanted. For some, it’s simply being with friends and family. For others, it’s starting a new hobby or craft. And for some it’s starting a new life.
Whether you are retired, ten years from retirement or have a different time frame – we can help. You do not have to unravel the financial mysteries of life after work alone. We will help you discover the changes you can make today for a financially secure future.