In Monday’s retirement planning article, we encouraged you to account for all aspects of retirement, consider alternatives, and be flexible as your needs change. If your retirement plan doesn’t include contingencies that account for changes in your life and finances, you may not be able to reach your financial goals or retire when you plan on retiring.
This has become the reality of many “Baby Boomers” (people born between 1946 and 1964) recently. According to LiveScience’s 2012 infographic “Retiring Boomers,” only 42% of retired Baby Boomers retired when they thought they would. 51% retired earlier than expected while 8% retired later than they had planned.
As you can see, there are a variety of different reasons for retiring earlier or later than planned. Developing contingencies for these and other reasons can increase your likelihood of retiring when planned, or at least prepare you to retire earlier or later than you had in mind.
For help and ideas, feel free to leave us a message below or contact us.