Like most people, you have probably been saving and planning for your retirement for years. However, do you still feel like you have questions about your retirement and are a bit uncertain about what the future holds for you? Well, you aren’t alone. In fact, many people get to retirement and are surprised by the amount of advice and information they never received. So, if you are planning on retiring from your career at any point in the near (or not so near) future, you might want to take note of these facts.
Many People Retire Earlier Than Planned
As a retiree, you can begin drawing full Social Security at the age of 66 or 67. Therefore, many people plan to work until at least that age or beyond in order to be able to maintain their preferred lifestyle. Unfortunately, a large percentage of people who plan to retire at that age find that they may be forced to retire earlier than they anticipated. According to an article in Time, 51% of Americans retire between the ages of 61-64, which is before they can draw Social Security. You should consider the option of an early retirement and what you need to do to make it possible.
Medicare Does Not Cover the Cost of Assisted Living
A big part of planning for retirement is planning for your healthcare costs. But, did you know that Medicare does not cover the cost of assisted living? So, if you plan on relying solely on Medicare for your healthcare costs, you will either have to live in a nursing home or find a family member to help you in your home.
You Might Outlive Your Savings
If you started saving for retirement 40 years ago, chances are you don’t have enough saved. That’s because the average life expectancy 40 years ago was much different than it is now. Today, the average life expectancy is over 80 years old and medical advances keep extending this number. If you haven’t already, now is a good time to adjust your savings to reflect these statistics.
If you are worried about retirement, it’s never too late to talk to someone about your options! Your financial advisor has access to many different solutions like the federal Reverse Mortgage that is designed to help people just like you.