This week’s theme on the Retirement Quick Tips Podcast is: Retire…Never?

Today, I’m talking about why Retire Never isn't really a plan and why it’s unlikely to work. 

The primary reason it just won’t work is because of life. Stuff happens. You get sick, and you can no longer work. That’s actually the number 1 reason people retire earlier than they planned. 

The reality is, far more people end up retiring sooner than they planned - by a significant margin.

Expectations vs. reality (4x difference!):

 

This disconnect between expectations and reality leads to people not making the appropriate plans, just assuming that everything will be ok, and they’ll have full control over the timing. 

[401k employees - no plans - leads to some sad outcomes - layoffs, business closing, late career hard to find work, mom needs full time care, get a diagnosis that prevents them from working, mental or physical decline that prevents working]

If you plan to work past the age of 70, what are the chances that you’ll be among the 7% of workers who ACTUALLY retire later than 70. I’d say the odds are slim…around 7%.  

Instead, it’s better that people prepare for retirement with the idea that they would like to be work optional, and that’s what I’ll be discussing tomorrow. 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.    

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance