Retirement Planning: Avoid This Situation at All Costs

Not only has the average retirement age dropped over time, but the life expectancy has also ballooned. As a result, tetirement planning is taking on a whole new depth that didn't exist a couple of decades ago.

No longer do we need enough money to last only 10 years after leaving our job; we need much, much more. For many people, this reality has led to a sense of anxiety about not having enough to live on during their golden years.

But in an interesting twist, the increased length of retirement has also led to an increased interest in working beyond age 65. In fact, a recent survey suggests that 72% of soon-to-be retirees are planning to work in their retirement years.

And here's the real stunner: Many of them are doing so for non-financial reasons. In fact, a recent survey broke down those working in retirement into four groups. Each is different and has its own unique financial circumstances and reasons for continuing to work. But one thing is for certain: You want to avoid becoming a member of the last group at all costs.

To see where you might fit in, check out the following video by The Motley Fool's Brian Stoffel.

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  • Report this Comment On June 21, 2014, at 4:39 PM, GB215 wrote:

    For the best chance to retire on your terms you should start planning and investing early in life and do it consistently (with every paycheck). If at all possible develop multiple streams of income for retirement (pensions, dividends, part time work, etc.) and not depend on government benefits as the sole source of income. I found that the site Retirement And Good Living provides good information on planning and finances as well as many other topics including health, retirement locations, part time jobs, volunteering and more. And it has a great blog of posts by guests from around the globe.

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