By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works CollectiveHealth Works Collective
  • Health
    • Mental Health
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    benefits of using protein powder to build muscles
    Protein Powder for Muscle Mass: Everything You Need to Know
    December 12, 2021
    changes brought on by blockchain in healthcare
    Technology In The Healthcare Industry
    March 28, 2022
    What Does Core Body Temperature Say About Health?
    August 17, 2022
    Latest News
    Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
    May 16, 2025
    Learn how to Renew your Medical Card in West Virginia
    May 16, 2025
    Choosing the Right Supplement Manufacturer for Your Brand
    May 1, 2025
    Engineering Temporary Hospitals for Extreme Weather
    April 24, 2025
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    FDA Approves Diabetes Pill
    May 2, 2011
    Patient Gets Drunk on Hand Sanitizer
    June 20, 2011
    Cultivating Health Improvement
    July 20, 2011
    Latest News
    Building Smarter Care Teams: Aligning Roles, Structure, and Clinical Expertise
    May 18, 2025
    The Critical Role of Healthcare in Personal Injury Recovery: A Comprehensive Guide for Victims
    May 14, 2025
    The Backbone of Successful Trials: Clinical Data Management
    April 28, 2025
    Advancing Your Healthcare Career through Education and Specialization
    April 16, 2025
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: Plan for the Unexpected – Have a Flexible Retirement Plan
Share
Notification Show More
Font ResizerAa
Health Works CollectiveHealth Works Collective
Font ResizerAa
Search
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Business > Plan for the Unexpected – Have a Flexible Retirement Plan
Business

Plan for the Unexpected – Have a Flexible Retirement Plan

Anthony Cirillo
Last updated: September 13, 2017 8:06 pm
Anthony Cirillo
Share
4 Min Read
SHARE
The Met Life Mature Market Institute and the Scripps Gerontology Center recently published a report, Best Case Strategies for a Flexible Retirement.
This study examined retirement-related thinking, experiences, and behaviors in the face of the unexpected, combining two methods: 50 in-depth interviews with individuals and couples (approximately half recently retired and half nearing retirement) and a national survey of 1,007 individuals ages 50 to 70 (both retired and pre-retired).
Personal retirement expectations vary from individual to individual, and retirement planning is generally built on those individual expectations. However, it is not generally built on the unexpected. The study reveals that the capacity to withstand the unexpected is dependent upon the capacity of individuals to imagine, anticipate, and prepare for circumstances that are sometimes well beyond their control.
Key Findings – quoting from the study….
Retirement timing is not a simple equation of the “lure” of retirement vs. the “pull” of work. There are multiple ways and complex influences through which retirement timing can be thrown “off schedule.”
Declining or stagnant income or loss of job. Loss or erosion of pension. Catastrophic illness or disability. Loss of health insurance, or escalation of health care costs. Death of a spouse. Caregiving demands. Only two in ten individuals report that they are “very confident” that they will have enough money to live comfortably if they or their spouses/partners live to 85+ years of age, and another six in ten (58%) are only somewhat confident.
Confidence in retirement security is most strongly related to the presence or sufficiency of a guaranteed stream of income (68%) and adequacy of savings (51%). Alarms about retirement risks do not inevitably or immediately prompt retirement planning. Several styles of thinking about the future suggest that people are not easily awakened to retirement risks. Paradoxically, alarms may produce inaction rather than action. The study characterized people as follows:
  • Snoozers, who don’t think about future risks at all.
  • Active Resisters, who “choose to snooze,” or choose to ignore information about future risks.
  • Immobilized Worriers, who understand future risks but whose worry prevents them from acting.
  • Oversleepers, who are late in their thinking and planning, and may regard their decision or action windows as “come and gone.”
  • Wood Knockers, who think about the unexpected but rely on hope; they choose optimism. Somehow, things will “work out.”
  • Plan B-ers, who hold on to a contingency plan, or the loose idea of one, as a protection against trouble ahead. A Plan B may be a “plan” in name only.
  • Realists, who use the lessons of past experience to think about the future.
  • Stewers and Brewers, who take a while to make decisions.
  • Compromisers, who think about both today and tomorrow and balance their current needs against future risks.
  • Preemptive Planners, who strive to preempt future risks, or at least their consequences.
Thinkers about the unexpected may not necessarily fall neatly into one of the above types or another, and if they do, they may not stay there. Each individual may have pieces of one type or another, or change from one time to another.
Tenuous health care coverage, long-term care costs, eroding defined-benefit pensions, the vagaries of the stock market – these are on the minds of potential retirees.
So where do you fit?
According to the researchers, there is no single road to retirement security. There are too many variables to suggest a universal package, yet even a simple contingency plan framework can be very helpful.
TAGGED:health care businessretirement plan
Share This Article
Facebook Copy Link Print
Share

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

Do You Grind Your Teeth at Night? Here’s How Night Guards and TMJ Treatments Can Help
Do You Grind Your Teeth at Night? Here’s How Night Guards and TMJ Treatments Can Help
Dental health
May 21, 2025
The Secret To A Confident Smile: Top Tips For Better Teeth
The Secret To A Confident Smile: Top Tips For Better Teeth
Dental health
May 21, 2025
Clinical Expertise
Building Smarter Care Teams: Aligning Roles, Structure, and Clinical Expertise
Health care
May 18, 2025
Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
Health
May 15, 2025

You Might also Like

Doctor/Patient Email: Are We Really Still Having This Debate?

January 24, 2012
medication heart
BusinessFinanceHospital AdministrationPolicy & Law

4 Reasons Doctors Are Taking a Fresh Look at In-Office Dispensing

January 9, 2014

The Challenges of Health Care Cost Control

June 3, 2011
Business

Retail Clinics Are Taking Off

September 15, 2012
Subscribe
Subscribe to our newsletter to get our newest articles instantly!
Follow US
© 2008-2025 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?