From financial plans and needs to your retirement lifestyle, your retirement is decidedly not the same as dear old Dad’s. How will your retirement (and retirement plans) be different?
(Click the featured times below to jump forward in the episode)
When your parents retired, the world was in a much different place. How does retirement look differently today and how does that impact your plans? On today’s episode of Cover Your Assets KC, David shares a bit of history on retirement as well as current client examples of what retirement does and doesn’t look like nowadays.
Back in the day, 65 was the age just about everyone retired. Now, many choose the age that suits them best, whether that’s choosing an age they want to or figuring out when they are ready to stop working. Not only that, you want to have enough money to support your lifestyle. Retirement used to be considered less expensive, but now many want to pick up more travel plans or hobbies that can be costly.
Sometimes, retirement ends up being a time for caretaking. Whether that’s the care of a parent, a child, or a spouse, you may spend time during retirement helping another. Not to mention, you may have health concerns of your own to manage at some point. Baby Boomers need to ask, is my money going to last as long as I do?
When you consider your health, you want to continue to have check-ups, especially to identify problems before it is too late. Similarly, you’ll want to have financial check-ups and planning reviews to make sure you are on track for a strong and healthy retirement.
Is your retirement on the right track?
Listen to the full episode or click on the timestamps below to find out!
[0:51] – It was assumed you would automatically retire at 65.
[2:53] – Retirement living was cheaper.
[4:24] – Retirees today have a lot more problems than previous generations of retirees.
[6:49] – Retirement portfolios now need to be designed for at least 30 (or more) years.
[8:48] – Why should you get a financial check-up?