How do you measure your retirement planning goal: as 1. An age, 2. A dollar number; or 3. An ongoing contribution to society?
1. Age: For those who view their retirement goal as an "age", they might pick an age to retire by such as 58, 62, or 65. They factor in personal health or eligibility to receive pension and Social Security benefits into their retirement age goal.
2. Dollar Number: For those who view their retirement planning goal as a dollar number, they would retire when they had accumulated retirement plan assets, personal savings, investments, and were eligible to receive enough in Social Security benefits to enable them to quit working and still adequately cover their expenses in their later years.
3. Ongoing Contribution to Society: For those who view their retirement planning goal altogether differently, after having made a "contribution to society", they have the opportunity to look forward to making an ongoing contribution to society; living a life of fulfilling personal passions, experiencing rewarding relationships, knowing happiness sprinkled with positive anxiety, rather than boredom, and living a purpose filled life, rather than one without purpose.
Today’s reality is that many people are living well beyond the age of traditional retirement. Life expectancy in the U.S. over the next thirty years is estimated to increase 3-6 years for men (to ages 83-86) and increase 6-9 years for women (to ages 88-91). Children born today may be able to live to age 120. Longevity will be extended through advancements in medicine--and that changes everything.
With the incoming changes to longevity, it is important to plan effectively for your retirement in a way that accommodates your personal health, wellbeing, goals, and income producing ability. TABER Asset Management is a Des Moines, IA fiduciary based firm that works with clients across the U.S.. Please email firstname.lastname@example.org or call 515-557-1860 to inquire about our retirement planning and financial planning services.