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The average retirement age is increasing. Not counting those who retire early for health reasons, personal finance website Don’t Quit Your Day Job… states the median age is 63, and, most common retirement age is 65 among recent retirees.
The average retirement age is increasing. Not counting those who retire early for health reasons, personal finance website Don’t Quit Your Day Job…states the median age is 63, and, most common retirement age is 65 among recent retirees.
Some people dream of an early retirement. Some schedule retirement around Medicare, Social Security or pension benefits. Others continue right past those mile markers with no firm retirement date.
For many of us, our careers make up a big part of our self-worth and identity. So it can be difficult – even frightening – to think about what our lives will be like when someone asks what we do, and we answer, “I’m retired.”
Satisfaction with our perceived identity is a meaningful indicator of overall wellness in retirement. And staying engaged in activities that help us retain a sense of self into our retirement years is beneficial for ongoing wellness.
Maybe that’s one reason more people are continuing to work into their 70s and even 80s. In fact, the Bureau of Labor Statistics expects the labor force participation rate to grow the most for people in the 65 to 74 and 75 and older age groups through 2024. In just five years, the bureau projects more than 13 million workers will be over age 65. (Most other age groups are not expected to change much during this time.)
Another reason some hesitate to retire is concern over having enough money to last or feeling uncertain about how cash flows work once you’re off the company payroll. Even if you’ve saved well and spent wisely, deep-rooted beliefs about money can impact when you’ll retire and your general acceptance and stress level once you do.
Working with Bell Bank’s financial planning team can help – with the process and peace of mind. We will:
If your financial plan shows that you can retire and live comfortably, but you continue to work beyond average retirement age, think about whether cash flow concerns or self-worth concerns are holding you back.
If work is your passion, continuing will benefit your well-being. But if you’re married and your spouse is looking forward to enjoying retirement with you, you may want to find balance between sustaining your joy of working and your relationship goals of meaningful time together – for an optimal financial plan and an optimal plan for your well-being.
Contact me for help with your financial plan.
Becky Walen, AFC®, CFP® | SVP/Senior Wealth Management Advisor
Investing and wealth management products are not FDIC insured, have no bank guarantee, may lose value, are not a deposit and are not insured by any federal government agency.