CAN YOU WORK FOR 40 YEARS AND EXPECT TO NOT WORK FOR ANOTHER 30?

   By Kathleen Nelson on May 27, 2014


Life expectancy continues to rise. More and more people will continue to live into their 90's and 100's. I know several people who are enjoying life in their 90's with minimal health impairments. Some are still driving cars. Some are living independently. Others have a son or daughter living with them so they can have a family member close in order to assist with daily living or just to be there in case of an emergency. These older adults worked for about 40 years, saved for retirement, paid off their home loan, and live on social security and an annual defined pension from their previous employer. They are fortunate to have three sources of retirement income: social security, pension, and savings.

People who are ages 60 to 70 and younger might not be as fortunate in their later years. Fewer home loans are paid off. Fewer employers offer defined pensions to their retired workers. Savings accounts are at an all-time low. The financial crisis of 2008 reduced those 401K retirement accounts for many people, and caused some people to re-think their retirement plans while others were forced into retirement due to job losses. \par
The retirement of the future might not consist solely of leisure time activities. Those 40 years in the work force might not have yielded a large enough nest egg to get you through the remaining 30 years of your life. Most retirees of the future will likely stay connected to the workforce in some way in order to earn additional income that will supplement their retirement funds. Retirement presents an opportunity to follow your passions. Those passions can be turned into another income stream in retirement.




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