What To Do When Your Retirement Plans Change

What To Do When Your Retirement Plans Change

December 20, 2020

Saving money for retirement is a key facet of a sound financial plan, regardless of whether or not you plan on working during retirement.


Nearly half of Americans leave the workforce earlier than they had planned.

Those preparing to retire continue to report an expected median retirement age of 65, yet actual retirees say that they retired at a median age of 62. A recent Employee Benefit Research Institute (EBRI) survey has consistently found that 43% of retirees leave the workforce earlier than planned, with 35% citing illness or disability as the reason and 35% retiring because of workplace changes. In keeping with their income expectations, 80% of workers expect to work for pay in retirement, while only 28% of retirees report that they have actually done this.


Why do so few work during retirement, despite their intentions?

Some of it is down to those health issues mentioned earlier. Others simply don’t find themselves with the energy or desire to continue working. Those approaching retirement age with these ambitions should strategize to anticipate either possibility, offering them the most flexibility during their golden years.


Speak to one of our advisors to review your retirement income plan. We can help you craft a sound savings strategy.

SCHEDULE your review today and plan for the future you want.