What do you fear about retirement?

Jul 26, 2011

More New Retirement Planning News

Recent market volatility and increases in life expectancy have forced even many wealthy Americans to adjust their retirement planning and expectations for retirement. Americans are in retirement doubt, in other words.

A survey by AXA Equitable was done on financial decision-makers with household income of at least $75,000 or investable assets between $250,000 and $999,999. Many people are asking the question, "How much do I need to retire?"

About 42 percent of the survey participants said they plan to delay retirement, and the participants who said they would push back retirement expect to do so by average of six years. The average new planned retirement age has increased to 68, from 62.

The survey found that 27 percent of the participants plan to go back to work in a retirement job after "retiring." The number who already have returned to the work force has increased to 17 percent, up from 9 percent in February 2009.

The AXA survey also found that 85 percent of the participants worry about having inadequate sources of guaranteed retirement income and 84 percent worry about inflation and losing money on investments.

Canadians are also having their issues with their retirement planning. In another recent study by RBC about the realities of the new retirement and what age Canadians retire at, results show that many Canadians do not retire on a date of their own choosing.

Some 83 percent of baby boomers still not retired over 50 believe they will retire on the date that they choose. In fact, 41 percent of Canadian retirees reported that their retirement date was unplanned due to their employer making it for them or health issues.

The study also revealed that more and more Canadians are living in retirement with debt and have to come out of retirement because they need more income to sustain themselves.

Here are some thoughts about retirement and life in general to put both in proper perspective:

    Like the truth, retirement can set you free.
    Or, like work, retirement can imprison you.
    — from How to Retire Happy, Wild, and Free

    Viva la retirement, grab it by the horns and go for it.
    — Cheryl Marland

    "Even the most gifted individual, whether poet or physicist,
    will not realize his full potential or make his fullest
    contribution to his times unless his imagination has been
    kindled by the aspirations and accomplishments of those
    who have gone before him. Humanist scholars have therefore
    a special responsibility in that the past is a natural domain.
    They have the privilege and obligation of interpreting the
    past to each new generation of men who necessarily must live
    in one small corner for one little stretch of time."
    — Commission of the Humanities

    There are seven sins in the world: Wealth without work,
    Pleasure without conscience, Knowledge without character,
    Commerce without morality, Science without humanity,
    Worship without sacrifice and politics without principle.
    — Mahatma Gandhi

Check out 1001 Best Things Ever Said about Work

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