About 7 in 10 workers expect to work for pay in retirement, but only a quarter of retirees have actually done so. Retirement can have many meanings. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor.
A wide variety of emotions are linked to retirement. Some feel elation and relief, while others feel dread and unease. From financial constraints and financial freedoms, each person’s path in retirement will be different depending upon their personal beliefs and their ability to seize opportunity. Regardless of what approach you intend to take, here are five things about retirement that might surprise you:
- In 2017, more than two-thirds of retirees depended on Social Security as a major source of their income
- The average monthly Social Security benefit at the beginning of 2018 was $1,404
- Every day between now and the end of the next decade, another 10,000 baby boomers will turn 65…that’s roughly one person every 8 seconds
- Sixty-four percent of retirees say they are confident about having enough money to live comfortably throughout their retirement years
- The average retiree spends approximately $3,800 a month
The above facts highlight the increasing importance of adequate retirement planning. Financial freedom in retirement typically means something different for everyone. Do your golden years elicit a sense of anxiety or delight? Are you comfortable with your investment decisions?
If you are unsure about your decisions, maybe it’s time to develop a solid strategy for the future. At Baron Silver Stevens Financial Advisors, LLC, we are dedicated to helping our clients protect their lifestyles. Interested in learning more? Contact our boutique financial planning firm in Boca Raton today!