Off The Tracks
Our friends at the Squared Away Blog recently published another thought-provoking article about retirement – their article details the research surrounding the three major reasons why retirement plans can be derailed.
According to the research the three front-runners for why a person’s retirement plan can change are:
* Health issues,
* Layoffs and
* Early retirement of a spouse
Although people are living longer and healthier lives, older Americans can still fall prey to medical issues that force a premature retirement. Other research showed that life events often affected retirement decisions and the reality is that many Americans are retiring before they had planned to or wanted to.
Interestingly, the Squared Away article states “an increase in wealth had very little to do with earlier-than-planned retirement.” Apparently even when older people get a ‘windfall’ of money there is little actual impact on their retirement plans, i.e. They do not opt for earlier retirement even when they have more money!
Since no one can plan exactly for issues of health, the economy (and lay-offs) or circumstances surrounding a spouse’s retirement; then alternative planning and strategies might be the best solution to unexpected changes.
As John Lennon was quoted: “Life is something that happens when you are making other plans.”
Since December 8 was the anniversary of the death of the singer/songwriter – that might be a quote to take to heart when planning a retirement future.
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