Will you ever work for life-Odunze Reginald C

 

 

 

In an article that appeared in Wall Street cheat sheet titled “5 Retirement Questions Every American Should Answer” Erika Rawe noted that  “For so many Americans, retirement planning is a complete mystery. For some people, they’d have an easier time deciding who shot first (Han Solo or Greedo?) than making decisions about their retirement savings. When CBS News asked consumers a while back how much they’d need to save for retirement, the median answer among Americans was $300,000.”

And according to Walter Updegrave in an article captioned “Three Little mistakes that can sink your retirement, which appeared in Yahoo Finance it states that “It’s almost become a cliché. Virtually every survey asking pre-retirees what they plan to do in retirement shows that the overwhelming majority plan to work.

 Indeed, a recent Merrill Lynch survey found that nearly three out of four people over 50 said their ideal retirement would include working. Which is fine? Staying connected to the work world in some way can not only offer financial benefits, it can also keep retirees more active and socially engaged”

Continuing Rawe noted that “Sure, everyone is different. We all need different amounts of money to live, survive, and thrive. But, regardless, $300,000 is way off the mark. Unless you’re planning to work until you’re 80 years old, which 30% of people in a Wells Fargo survey said they intended to do, you will run out of money before the end of your lifespan.”

But the question is will they be medically fit to work at such age; TCRS noted in an article titled “Will Millennial Dodge the Retirement Crisis? Noted that  it is important to “Calculate retirement savings needs, develop a retirement strategy, and write it down. In creating a plan, consider lifestyle, living expenses, healthcare needs, government benefits, and other factors, as well as a backup plan in case retirement comes early due to an unforeseen circumstance”

From this presentation above, it should be pointed out that living styles, living expenses and health needs are essentials for retirement but analyst are of the view that the error is that people have the  noted that  . She says this 30% group is taking a big risk, as this plan assumes there will be a job available and that they will physically be able to work at the age of 70, 75, or 80.”

Odunze Reginald is the Lead Consultant, Chareg Consulting, a management and marketing  consultant  a social media and social marketing consultant , you can visit our twitter anchor @dunzreg, find us on Facebook @ Reginald odunze and reginaldodunze.com, at google+ @ Reginald Odunze and at Linkedin@reginald odunze.