Are these retirement concerns keeping you up at night? If so, you sure aren’t alone and there are many statistics and also many things that can be implemented in order to beat these statistics! For instance, did you know:
Extended work can lead to higher taxes, according to a study conducted by researchers at Boston University, the University of California at Berkeley and Economic Security Planning Inc.
“If the boomers are short on regular assets, short on retirement account assets, short on defined benefit pensions, short on Social Security benefits, long on explicit and implicit taxes, and the government can’t help, boomers have but one option to maintain their living standards — earn more by working more at their current jobs, delaying their retirements, or returning to work if they have already retired,” the report said.
Many Retirees Are Just One Health Care Crisis Away From Financial Insecurity.
Findings of a study by the LIMRA (Life Insurance and Market Research Association) Secure Retirement Institute reveal that more than half of non-retired Americans believe a significant out-of-pocket health care expense ($15,000 or more) would seriously compromise their financial security in retirement.
Eight in 10 non-retired Americans think there is a 50/50 chance that they would face this kind of health care expense if they were a 65 retiree today. Although survey retirees have only been retired an average of 8 years, 10 percent have already experienced an out-of-pocket expense of $15,000 or more for health care. The actual incidence of health care shocks is likely even higher because very sick people are usually unable to complete surveys.
There are many things that someone either
1) approaching retirement or
2) already retired can do to ease these financial and other major concerns.
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