Living Longer, Working Longer
When might it make sense to work longer? Brian talks through what your time and savings might look like in retirement so you can set realistic expectations for the future.
Research shows that we are living longer. If that’s the case, should we also work longer? Instead of retiring at 62, you may want to reconsider and retire later on. The difference between retiring at 62 vs. taking Social Security at the age of 70 is a big difference.
Lately, returns have been higher, but don’t assume that they will always continue to be high. The reality is, you get more conservative with your investments when you retire. You won’t invest the same way you invest now when you’re 90 years old, the risk isn’t worth it. Do you have realistic expectations when it comes to your projected returns?
When you retire, you want the best retirement package possible. More than how much money you have saved, you’ll want to be sure that includes a sense of purpose. What will you do with your time? What is your plan for your money? Will you work part-time or volunteer? It’s important to consider your retirement goals. You have the commodity of time on your side in retirement, so how will you use it?
Listen to the entire episode or skip ahead using the timestamps below.
[0:12] – If we live longer, should we work longer?
[3:09] – Brian shares a client story about expected returns.
[6:01] – What does the best retirement package include?
“If we’re living longer, we’ve got to make sure that we have enough money. But let’s be realistic about the returns so you’re not assuming that you’re going to get 12 percent return. Because 12 percent and 6 percent: huge difference.”
Brian Bowen – Contact