Published by Taylor Financial Group
Everyone dreams about retiring and enjoying their free time doing all the things they love. For most people, it’s the ultimate goal in life. You work hard, save and invest your money, deal with all of life’s stresses, and tolerate all the ups and downs. Then, you’re supposed to look back and consider it all worth it from the porch of your summer home in Maine. Right? Well, the truth is, that’s not always the way the cookie crumbles.
Could Working Longer Help You Live Longer?
Nobody wants to wait longer to cash in on retirement. But it’s a question that begs to be answered, especially considering results from a recent study on the correlation between retirement age and death. The study, performed by researchers at Cornell University and the University of Melbourne, revealed a strong connection between people who claimed their Social Security benefits at age 62 (instead of 3 years later, at age 65) and age of death. The risk of earlier mortality was higher for those who claimed Social Security earlier, especially for men, whose mortality risk jumped almost 20%. Other studies performed by Harvard and even across the pond in the U.K. uncovered similar results. But, why does retirement seemingly cause death?
Retirement Causes More Stress Than Work
According to data collected by The American Institute of Stress, retirement sits at #10 on a list of 43 most stressful life events for Americans. That’s not totally surprising! From our experience as financial advisors, we believe the main reason retirement becomes a stressful event (instead of an exciting one) is simply a result of unpreparedness. It could be mental unpreparedness, where the lack of achievement and purpose you received at work can be mentally difficult to adapt to. Or it could be the scarier possibility, which is financial unpreparedness. You realize you don’t have enough money to last through your retirement years, or you had to leave your job sooner than you had planned for one reason or another and you’re not sure if you’ve saved enough. These things can really diminish the enthusiasm for retirement. It’s no wonder many retirees have second thoughts and reenter the workforce either fully or partially. In fact, the U.S. Bureau of Labor Statistics predicts that workforce age groups 65-74 and 75+ will grow faster than any other age group through the year 2024.
You Don’t Have to Fear Retirement
This isn’t about instilling fear of retirement. Rather, we want to encourage you to make sure you’re preparing for retirement, so that when the time arrives, you can truly enjoy the Golden Years! One of the most effective ways to prepare is by creating a financial plan and having a financial advisor to keep you on track and help you make smart financial decisions. That’s what we do for our clients.
We give our clients financial confidence and help them live life to the fullest. And we can do the same for you! Whether you’ve got decades to go before you retire or you’re retiring soon (and even if you’re already in retirement), it’s never too early or late to create a plan. Call us today so that we can help you prepare for an enjoyable and peaceful retirement.
Moneyish, Retiring Early Could Kill You, December 23, 2017
The American Institute of Stress, The Holmes-Rahe Stress Inventory, March 2017
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