Thursday, April 27, 2017

Thrifty Thinking: You Might Not Plan to Retire at 65 Years Old– But You Might Not Have a Choice


Wealth management expert explains the findings of a recent study
Recent statistics show that 1 in 3 Americans have $0 saved for retirement. That’s a frightening statistic, but what is behind Americans’ inability to save?
Nicole Mayer, AIF, CDFA, RFC and Partner at RPG-Life Transition Specialists says, “Many Americans suffer from common misconceptions when it comes to retirement and their golden years. These misconceptions prevent them from saving money and making smart choices.”
One of the biggest misconceptions is that people think they will be able to keep working into their golden years without issue.
“I know many people who say that they love their job and that they have no plans to ever retire. Others say that they only plan to scale back on hours, rather than quit entirely,” says Mayer. “However, the reality is that retirement isn’t always a choice. The 2017 Retirement Confidence Survey by the nonpartisan Employee Benefit Research found that more than half of workers plan to keep working past the age of 65 years old. But, only 15 percent of senior citizens are currently working past that age. Simply put, our goals aren’t matching up with reality, and that is going to be a major issue for many American workers.”
Whether it is health issues, an inability to find employment, or being pushed out of work by younger, more technologically-advanced employees, Mayer cautions Americans that retirement isn’t always a choice.
“We have an idea in our culture that anything can be surmounted by hard work,” says Mayer. “While that is admirable, we must realize that senior citizens often struggle to retain employment, and that they can find themselves released from companies with little warning, even after decades of service.”
Mayer says that Americans need to be realistic about the fact that employment is not a guarantee for anyone, but especially not for senior citizens.
“All it can take is one small health crisis for a firm to decide your position is up for grabs,” she says, “Or, it could be your spouse that has a crisis and needs your attention. You have to be ready for anything, and that means being ready for the reality of not being able to work even if that is your desire.”
For more on this topic, or to speak to Nicole Mayer, please contact me.
About RPG – Life Transition Specialists Located in Riverwoods, Illinois, RPG is a financial planning firm committed to tailoring the retirement process for each individual client and providing financial education programs for corporations.  With a 95% client retention rate over the course of 16 years, the experienced staff of financial professionals takes time to counsel each prospect and deliver a plan designed to meet each individual’s specific needs. They have been featured in esteem publications like the Wall Street Journal and Crain’s Chicago Business.  RPG – Life Transition Specialist is located at 2610 Lake Cook Road, Suite 250, inRiverwoods, Illinois.  They can be reached at (800) 596-0253.  Find them online at www.rpgplan.com.  Securities and advisory services offered through National Planning Corp.  (NPC), Member FINRA/SIPC.  A Registered Investment Adviser.  RPG and NPC are separate and unrelated companies.

No comments:

Post a Comment