Retirement Realities Revealed
Interestingly we’ve been putting in a lot of research in the world of retirement from pension advice to finding out what people really want to do in retirement (and it’s not always about money)
Top Retirement Realities Revealed
People are keeping on working
‘Semi-retired’ is in vogue, with 30% of people approaching retirement planning to work part-time well into their retirement years. For many it’s going to be a necessity just to be able to maintain the standard of living they are used to but for some it’s just because they want to keep busy and they enjoy working. Believe it or not it’s the top of the retirement realities. Some people just want to keep working!
The “Property Thing”
According to research last year less than 7% of those approaching retirement plan to use a buy-to-let or second property to provide for their retirement income. It seems that ‘buy-to-let’ is no longer in vogue.
We can certainly testify to that having recently sold a buy-to-let property to release the equity. Back in 2005 this was the top investment advice being given for those approaching their retirement in order to create a nice pension nest egg. Sadly no one could have predicted the worldwide recession and the effect that had on our nest egg and many others. Therefore this change features high on our list of retirement realities revealed.
Debt Is On The Increase
According to research 30% of people had debt when they reached retirement, with the average amount of debt at £34,600. Sadly the prolonged recession has seen those approaching retirement having to take on debt rather than reduce it just to get by with their daily living
Average retirement income
The average retirement income is just under £20K a year. That seems very low and certainly can’t imagine ourselves living on that. The reason cited for this is that the average person approaching retirement (aged 50+) is expecting a retirement income which is 32% higher!
The Happiness Factor
Happiness in retirement means roughly half of your pre-retirement income according to research. Those who are satisfied in retirement say their income level is 47% of their pre-retired level, highlighting it as the magic number. That’s an interesting one for sure!
Source : Retirement Income Uncovered
If you’re looking for ways to build a business in retirement then do download our free retirement planning guide and let us know what you thought about the retirement realities we’ve revealed in this article. We’re in our 60’s and we’re not looking to “retire” any time soon. We love what we do far too much and we get to travel the world doing it 🙂
Who Are We
We’re former accountants of a certain age with 5 great kids and 3 grandchildren. We love skiing and traveling the world and have achieved a fabulous life helping others to start and build a successful business online and now speak on international stages following that passion. Our worldwide educational business is centered on online marketing education and wealth creation and a desire to help you create financial freedom online through entrepreneurship whatever your age or experience.
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Authors : The Mindset Shift
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