Plan for the Unexpected – Have a Flexible Retirement Plan
Key Findings – quoting from the study….
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.
- 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.
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.
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