Today’s retirees have a growing array of opportunities to stay engaged, possibly reinvent themselves, and enjoy the freedoms that stage of life affords. But just how enjoyable your later years wind up being depends on which “path,” you follow.
1.Purposeful Pathfinders
You’ve seen the photos of older couples hiking or happily sightseeing outside the Eiffel Tower, right? Unless they inherited their wealth or hit the lottery – two things you don’t want to depend on – it’s likely because they began saving for retirement earlier (age 34, on average) than most of the more than 4,000 retirees surveyed and invested their money wisely along the way.
2. Relaxed Traditionalists
Rest, relaxation and generally enjoying life free from past responsibilities typify them. The most open to relocating – including to an adult living community –moving was made easier for them since they’d been saving since age 37 and may even have used the sale of their house to finance it.
3.Challenged Yet Hopefuls
Okay, here’s where things start to get a bit dicey. Most of those surveyed said they should have started saving at age 29; this group, ruefully as they now admit, actually started at 45, which was seven years later than the average of those polled.
Consequently, while they lead active lives and are doing the best with what they have, their retirement years are what you would call “constrained.”
How constrained? Half admitted to often worrying about outliving their money and 54 percent with retirement accounts have resorted to early withdrawals.
4.Regretful Strugglers
The name says it all.
The least prepared for retirement, they’re also unfortunately the largest group of retirees (31 percent) and have little if any savings.
They’re also the most unhappy, the most regretful about the choices they’ve made, and the most down on life in general.
Sounds bleak? Wait, it gets worse.
A whopping two-thirds of them seriously worry about outliving their savings. A fate you wouldn’t wish on your worst enemy and one you can potentially avoid by consulting a financial advisor, like a trusted local one, who can help bring you closer to the future you see for yourself.
