Retirement Doesn't Meet Most Americans' Expectations, Survey Finds
A recent study has revealed that retirement doesn't meet most Americans' expectations. The survey detailed that seniors are plagued with worries which include spending, forced retirement, as well as an identity crisis.
Despite popular belief, retirement isn't all it's cracked up to be, according to the EBRI’s survey of 2,000 retirees from ages 62 to 75. This online survey was conducted in September and revealed how fewer than 1 in 4 Americans think their current retirement lifestyle aligns with what they planned for their retirement to be, as reported by Yahoo! News. The Employee Benefit Research Institute’s (EBRI) survey initially revealed that more Americans wish they'd save more money however, most believe that they are doing well regardless.
The EBRI survey reported that 18 percent of Americans saved more money than what was needed while 46 percent claimed that they saved less than they needed. However, the survey did find good as a staggering 69 percent reported that their standard of living was the same or higher in retirement than when they were working. As reported by EBRI, having a nest egg made 64 percent of respondents feel happy and fulfilled.
One fear going into retirement is the possibility of not being fully prepared. Rob Williams is the Vice President at Charles Schwab and he shared with Yahoo! Money that while there is so much excitement going into retirement, there is also a lot of fear.
“Retirement is something people have worked for their whole life and they prepare for it, but often leading into retirement there's this sudden fear and uncertainty about preparation,” Williams shared.
Another issue that the EBRI survey presented was forced retirement. Half of the respondents reported retiring before they planned to, whether it was due to health concerns, layoffs, or another reason. Certified financial planner and executive Vice President at FBB Capital Partners, Stein Olavsrud, suggested that somebody going into their 60s should "be fully prepared that retirement could come at any time."
Retirement can also trigger an identity crisis, which is thanks to transitioning out of a career and into a different chapter of life. It can feel rather confusing on what to do during the next phase of life. The option of "phased retirement" has taken on a popular approach where those close to retiring take on a happy medium whether it includes consulting, professional mentorships, or working part-time.
In conclusion, there are several ways to be prepared for retirement. If retiring full-time doesn't seem like the available option, a part-time transition is a good alternative and perhaps can be the solution for you or a loved one.
Sources: Yahoo! News, EBRI
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