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Probably the most common pre-retirement concern revolves around the question of whether one has sufficient finances or not. Some recent statistics/polls (Gallup & other) suggest that pre-retirement financial expectations and post-retirement reality are often two different things:
1) 69-percent of pre-retirees expect to work/earn money during retirement. Only 27-percent of retirees report actually doing so.
2) About 28-percent of pre-retirees expect SS to comprise a significant part of their retirement income; Over 54-percent of retirees report that SS is a major part of their income.
While statistics don't always tell the whole story, these two seem to reveal either a lack of planning or a 'planning blind spot'. How can this 'disconnect' be better avoided by retirees?
I think often its like any planning; many times its given little thought until retirement is close. Its like the guy on TV says most people spend less time on their financial matters than on planning vacations. I think many often assume that IRA; 401(3);pension; SS has them covered and never really actually plans retirement. But still I know many who never retire or that do not need money that continue to work at least part time. People are different in many ways including how they see work.
I've been retired approx 18 months now. Long enough to find out we can get by with what income we have coming in every month. But, recently I have been thinking about things I can do to make some extra money. I have begun to look at things I can do from home on my computer. I live in the country and actually might be able to feed a few head of cattle, if I wanted to take on the risk and trouble. I just haven't found just the right thing yet?
did part time work until I could get SS. Pension was enuf to live on, but I couldn't justify "extras".
May return to part time until I'm eligible for Medicare - just to make enough to cover insurance. Part time job would provide insurance if I choose to work more hours than I want to.
Aside from writing "the great American novel" or maybe just some "trashy historical romance novels" I have no plans to work/earn money after retirement. That's why I'm working until FRA, so I won't have to. Retirement isn't really retirement if you're still working.
No. Now at 72 I do not want to work. Have plenty of energy but I don't want to deal with the "work place." Gladly volunteer doing environmental projects.
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