The world has changed a lot since you were young. Now there are maps in the palm of our hands and no one remembers what a party line is. The world has changed in other ways as well. Retirement, for example has changed quite a bit since your parents left the working world. Retiring at the age of 65 is slowly becoming a thing of the past. There are a variety of reasons that people are choosing to work longer, but the most popular are a fresh philosophy on retirement, a shaky economy, and not being prepared. Today we’re going to be examining these challenges and helping you discover what you can do to face them.
A changing philosophy is changing retirement.
Rather than packing up and moving to warmer climates to relax and unwind, many seniors are seeing retirement as a time to take on new and exciting challenges. Retirement was once about settling down, but now it’s all about getting up and going. This philosophical shift is changing the way that seniors are saving for retirement. After all, relaxing at home is much less expensive than traveling the world. Many seniors are working longer so that they can save more so that they can finally dive into the adventures they’ve been dreaming of their entire lives.
The economy poses a challenge for retirement.
Pensions and sizable social security benefits are starting to become dreams, rather than surefire realities. After the most recent recession between 2008 and 2010, many employers around the country decreased or completely disabled their pension programs in favor of 401k matching programs. However, it should be noted that even though the economy has picked up a bit, many of these changes have not been undone meaning a lower chance of ending up with a pension plan in retirement. Not only that, but because of the financial difficulties of the early 2000’s many Baby Boomers were forced to dip into retirement savings accounts to help them through. Many have reported a loss of value in their home, making home equity retirement plans shaky as well.
A lack of preparation is often a big factor in a later retirement.
At the end of the day, sometimes you’re just not ready to retire when the time comes. This can happen because of a lack of planning or other plans falling through. The only real way to combat this is to have not only a primary plan, but a backup plan. That way, if something goes wrong along the way, you can be ready.
Global Premier Benefits is here to help!
Are you interested in learning more about the benefits of Medicare Advantage? Contact Global Premier Benefits today! Global Premier Benefits offers education for seniors on healthcare options available to them that could improve their quality of life and defray their healthcare costs as well. We have agents and clients in more than 16 states, including the District of Columbia. Our goal is to enable seniors to live healthy, rewarding lives without compromising their finances. Call us at 1-866-229-8447 to speak with a certified specialist to see if you qualify for extra help! You can also keep up with Global Premier Benefits on Facebook, Twitter, Google+, YouTube, and Pinterest.