Speros Financial
#1 For Life And Retirement Strategies Tip of the day!
https://www.google.com/+VasiliosVossSperos 602-531-5141
Many
regaining optimism about retirement, but doubts persist
Despite gains, “Will I have enough?” remains a nagging question
When it comes to
retirement, some folks are eagerly anticipating the long-awaited respite from
decades of hard work, routine hours, and stress. Others are looking forward to
exploring interests, pursuing hobbies, traveling extensively, and connecting
with family and friends. But no matter how they spend it, much of the
enthusiasm around retirement is tempered by a growing belief that additional
assets will be needed to enjoy it fully.
Human
resources consultant Aon Hewitt estimates retirees at age 65 will need 11 times
their final salary if they want to maintain the same standard of living.1 A Bankrate.com report published last
August identifies a potential savings shortfall, with only 18% of working
Americans saving more for retirement than in 2012, 17% saving less, and 54%
about the same.
Majority of seniors and Boomers feel
good about retirement.
On
the upside, most seniors are surprisingly optimistic about the future,
according to a recent survey of adults age 60 and older conducted by the
National Council on Aging, UnitedHealthcare, and USA Today.2 A reported 66% believe they can manage
their monthly expenses, while many expressed excitement about living a longer
life. Among the most anticipated events are watching their grandchildren grow
and spending time with family and friends.
Baby boomers plan to retire sooner.
With
several signs of economic improvement on the horizon, baby boomers are feeling
increasingly positive about their retirement timeline. A 2013 Del Webb Boomer
Survey3 conducted this
summer revealed that a majority of employed baby boomers, aged 50-60, expect to
retire earlier than planned just three years ago. Specifically, 57% intend to
retire from their full-time professions at 65 vs a median age of 67 in 2010.
This is in part due to their comfort with a rebounding real estate market and
overall financial situation.
But it isn’t all roses.
Americans
will rely on Social Security as their There are, however, substantial seeds of
doubt. Over half of those surveyed are worried their life savings will not
sufficiently support their retirement years, a legitimate concern, since 41% of
older primary source of income during retirement. Additionally, 49% say their
city or town was not doing enough to prepare for the incoming wave of baby
boomers approaching retirement while 15% reported feeling isolated.
To work or not to work. That is the
question.
Work
is one way many plan to meet the expected retirement income shortfall.
According to the survey, nearly 80% plan to work in some capacity during
retirement, with 28% working on a part time or flexible basis. Some 51% plan to
work full time in their current career or at a new job while 21% plan to give
up working entirely.
It’s never too late to seek financial
guidance.
Whatever
your attitude toward retirement, there are a numerous products and strategies
available for every life stage to help you achieve the comfortable retirement
you’ve planned for. Voss Speros with Specne Cassidy and Associates can meet
with you to review your situation to help you formulate a financial blueprint
that’s right for you and your loved ones.
2LifeHealthPro, Seniors optimistic about future. Michael K. Stanley, July 30, 2013
3“Del Webb Survey Shows Boomers Looking To Retire Sooner,” PR Newswire, June 11, 2013
Vasilios "Voss" Speros 602-531-5141
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