When Retirement Isn’t Your Choice
If you’re nearing retirement age and know you’re not financially prepared for retirement, your solution may be to work longer. While forgoing an early retirement can be prudent, your career might not last as long as you’d like it to. According to the Center for Retirement Research, 37% of retirees had to stop working sooner than they anticipated. And, the longer they planned to work, the less likely they were to reach their goals. The truth is that retirement isn’t always voluntary. There are many reasons why Americans end up retiring earlier than they planned, such as job loss, health issues, and unexpected caregiving responsibilities.
According to the Employee Benefit Research Institute, almost a third of American workers predict that they will work until age 70 or older, but only 7% of people surveyed actually ended up working until age 70. This can be an issue because older workers tend to have a harder time getting hired, and when they do, they often have to work for a lower salary. Spending what would normally be your highest earning years unemployed can be especially detrimental to your retirement plan, especially if you’ve waited to prepare for retirement until your 50’s.
Your mind might be ready to work into your 70’s, but your body might not be. Workers are sometimes forced to retirement earlier than they planned because of health issues. No matter how healthy you are now, anything could happen in the next few years. And, your job may be taking a toll on your health if it is physically demanding, or requires you to sit for long periods of time or lose sleep.
Even if your health remains perfect as you age, you might have a family member who requires your care. Caring for aging parents, a spouse, or grandchild can make you need to catch a retirement curveball if they require enough of your time and attention that you leave your job. Unfortunately, caring for your loved ones can be a time consuming but unpaid job that might disrupt your retirement plans.
If you get hit with a retirement curveball, a financial advisor can asses your situation and help you create a plan. Don’t assume you’ll be able to work for as long as you want – unexpected job loss, health issues, and unexpected caregiving responsibilities happen all too often. To prepare for the unexpected, contact the professionals at Alpha 1. We can help you create a comprehensive retirement plan that may help you if you have to stop working earlier than you expected to. Click here to schedule your no cost, no obligation financial review to learn how prepared for retirement you are now and how you can protect yourself from the unexpected.
3 Things to Know Before Making Summer Travel Plans
The COVID-19 pandemic has resulted in many things, including canceled trips. Americans are now wondering about summer travel plans, and if it’s wise to make them before the country fully reopens. Just because everything isn’t completely back to normal yet doesn’t mean you can’t or shouldn’t take a vacation this summer – even if it means staying closer to home than you originally planned. Here are three things to know before making summer travel plans.
Can and Will You Retire in a Crisis?
Life is unpredictable, and there are a number of events that can impact our finances, from global pandemics to personal crises. And while adjustments sometimes may need to be made to get back on track, no one wants to put off an event like retirement because they feel forced to. It’s important to take stock of what you have and what you’ll need if you’re nearing or entering retirement. No rule says you must put off retirement, or that your desires are beholden to the state of the world when you reach retirement age.
3 Ways to Stay Safe As We Get Back to Normal
America is starting to reopen, but that doesn’t mean the threat of the coronavirus is gone. While we can all be thankful for looser social distancing measures, it’s still important to think about safety. Here are 3 ways to stay safe as we get back to normal.