As we all know, many workers’ had a goal of retiring at 65 or sooner. Unfortunately the lack of preparation savings and the “Great Recession” delivered a severe blow to these people’s balance sheets as well as to their plans of retirement.
It now seems that fewer than half of workers currently plan to retire at 65; down from 72% before 2008. Instead, many more people will work much further into life in the decades ahead.
Workers in traditional pension plans have a different cause for worry. Even as traditional pensions continue to be phased out, there are still 44 million people in plans insured by the Pension Benefit Guaranty Corp. Because of rising plan shortfalls, the agency says that by 2025 it likely won’t be able to fully cover every plan default. So there is that to cause sleepless nights.
The basic suggestion that I have for all including myself, is to have a plan and prepare to be flexible.