Americans are forced into retiring earlier than they imagined, they don’t have an inkling of how much they need to save, nor do they know how many years they might need to finance after they leave the workforce.
by the nonprofit Transamerica Center for Retirement Studies , in collaboration with the Transamerica Institute.
Fifty-five percent of workers plan to work after they retire, including 18% who plan to work full time and 37% who plan to work part time, according to the Transamerica research. In other words, retirement can be a huge problem for workers without a plan. In preparing for retirement financially, clients struggle the most with developing an income withdrawal strategy and determining the optimal timing for claiming Social Security benefits , according to the Edward Jones report.
This idea of continuing to work in some fashion — even if you have been booted into retirement — is not a far-out concept for most workers. "It’s becoming increasingly common that I talk to my clients about what working in retirement would look like and what their goals are in doing so," Schoonmaker-Dasch said. "It’s different for everyone than in the peak of their careers, but the right employment opportunity can help provide financial stability and give retirees a sense of purpose.
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