Remember when gold watches marked the beginning of prosperous retirements? Times have changed, to put it mildly. In 1950, only about 8% of Americans were 65 or older. Today it’s nearly 17%, and by 2050, the projection is 22%.
But that’s not the problem. Only about 40% of workers have a retirement plan that employers contribute to, and less than 40% are regularly putting aside money for retirement. Providing retirees with sufficient medical and financial benefits is becoming more and more of a struggle.
According to a recent survey, more than half of today’s employees expect to keep working through their retirement, at least part time. While many say it’s not for the money, most of them will need the money. Respondents say they’ll need 68% of their current earnings to retire comfortably, but only a quarter of them believe that’s possible.
One major concern, of course, is health. While medical advances continue, life expectancy has actually dropped slightly in the past few years. Long-term care, medical transport services and other benefits available through your association and AMBA can cover what Medicare might not, and possibly save you from financial disaster.
Chances are slim you’ll get that gold watch, but with proper planning, you can retire in a way that would make your parents happy.