…my business partner, Janet Walker and I penned “Your Retirement Should Be MORE”, we have seen more and more near-term retirees embrace the concepts we outline in the book. It’s been great to see the change in thought process and outlook toward retirement that people have begun to adopt.
Education does change things!
More people are beginning to embrace the idea of “work-tirement”: using retirement as an opportunity to unite their vocation with a passion they have had for a mission or a cause. Most of the time, the work-tirement crowd engage in their passion on a part-time basis, filling in the reduction in income with their retirement resources.
We are also witnessing an increase in the number of people who are more confident about their retirement and where their income is coming from. Some of that might be owed to the longest-running economic expansion in U.S. history and a raging bull of a stock market that just doesn’t know when to quit. But most people are educated enough to know that economies run in cycles, and bull markets run their course. Indeed, a study by Greenwald and Associates says interest in protected income solutions for retirement are increasing in popularity. The study says 73% of respondents to a survey indicated that they want to understand options for making their income more secure, up from 61% a year ago.
More Confident is the title of one of the eight chapters in our book for a very good reason. Confidence is closely tied to the concept of freedom in retirement. If you are confident in the sources of your income, you are much more likely to live a life of freedom and adventure as opposed to a “just-in-case” lifestyle. A lack of confidence can lead retirees to be more conservative in their spending, “just-in-case something happens.” The empirical evidence shows that those who lack confidence in retirement often pass away having never touched the dreams and experiences that they desired for their life after work. In many cases, they leave their money to their kids who ironically begin to live their own dreams with the inheritance!
How confident are you in your retirement prospects? It’s more than just a philosophical question…it’s one that could determine the quality of the life you will lead when you step out of the workforce for the last time.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.