Did you know that a good part of American households hasn’t thought about retirement planning?
When it comes to planning for retirement, there are some key concepts to understand and three traps you should do your best to avoid.

Learn why a money increase doesn’t always equal a lifestyle enhancement, the three things people often look at but that come back to bite them later on, and how you can effectively plan for retirement and protect your money.
• Brian believes that it’s going to be possible to be retired for as many years as one has worked, because people are living longer than ever before.
• According to a 2019 retirement confidence survey by the Employee Benefit Research Institute, more than half of American households are at risk of running out of money in retirement due to the lack of savings and the unpredictability of the stock market.
• Brian has noticed that many people go into retirement because of eligibility without having actually calculated how much money they would need – this is a problem, especially because of three things that are outside of their control: inflation, markets, and taxes.
• Brian warns against tapping into the stock market as a means to draw income because it’s the Government and Wall Street that have control over it, not you.
• There’s a key difference that some people tend to forget when it comes to retirement planning: accumulating money is done one way, drawing income for retirement is done another way.

Center for Disease Control –
Pew Research Center –
Employee Benefit Research Institute –
Susan Powter –
Chat GPT –

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Longevity: The Retirement Problem No One Is Discussing

The concept of retirement is a universal goal for many people. After a lifetime of hard work, individuals look forward to enjoying their golden years, free from the constraints of a 9-5 job. However, with the increasing life expectancy of the global population, longevity has become a significant concern when it comes to retirement planning. This issue is often overlooked, and it’s time to start discussing the potential challenges that come with an extended retirement period.

The average life expectancy has been steadily increasing over the past few decades, thanks to advancements in healthcare and technology. According to the World Health Organization, the global average life expectancy has risen from 48 years in 1955 to 72 years in 2018. In developed countries, it is not uncommon for individuals to live well into their 80s and 90s, while some even reach the age of 100 or more. While this is undoubtedly a positive trend, it presents a dilemma when it comes to retirement planning.

The traditional retirement age, often set at 65, was based on the assumption that individuals would live for a relatively short period after leaving the workforce. However, as people continue to live longer, the financial strain of funding a retirement that could potentially last 20, 30, or even 40 years becomes more evident. This situation is exacerbated by the fact that many individuals have not saved enough for such an extended retirement, and are reliant on social security or pension funds that may not be sufficient to support them for the rest of their lives.

The implications of this issue are worrisome. Many older adults may struggle to maintain their standard of living as they deplete their savings over a longer retirement period, leading to financial hardship and an increased reliance on government assistance programs. The burden on the working-age population to support the growing number of retirees also becomes more significant, potentially straining social welfare systems. Furthermore, the healthcare costs associated with age-related illnesses and long-term care can be substantial, further adding to the financial challenges of longevity in retirement.

Considering these challenges, it is crucial for individuals to reevaluate their retirement planning and adjust their financial strategies accordingly. This may involve working longer, saving more aggressively, investing in income-generating assets, and considering alternative retirement options such as part-time work or phased retirement. Additionally, policymakers and financial institutions must also address the issue of longevity in retirement planning, providing support and guidance for individuals to secure their financial future during their extended retirement years.

In conclusion, the increasing life expectancy of the global population has led to a significant retirement problem that is often overlooked. Longevity poses financial challenges for both individuals and society as a whole, and it’s essential to start discussing and addressing these issues. By rethinking retirement planning and implementing necessary changes, individuals can better prepare themselves for a longer retirement period and ensure a more secure financial future. It’s time to start the conversation about longevity and its implications for retirement.