Whereas retirement has at all times been a troublesome proposition, as we speak’s retirees are grappling with the dual challenges of excessive inflation and chronic volatility in monetary markets.
Not like youthful employees with a very long time horizon, retirees and pre-retirees have little time to recuperate from monetary shocks. Regardless of these challenges, although, retirees broadly say they’re residing blissful and purposeful lives — even when they really feel financially susceptible.
That is in accordance with the newly launched 2023 Life in Retirement report printed by the Transamerica Heart for Retirement Research. The report compiles the survey responses of greater than 2,500 late-career employees and greater than 2,100 retired people.
Because the report explores, as we speak’s retirees and pre-retirees have saved and ready for older age amid an evolving retirement panorama, one by which planning assumptions have modified from a primarily employer-funded mannequin to 1 by which people carry the accountability for offering for themselves as soon as they go away the workforce.
Given this huge shift, Transamerica stories, it needs to be no shock that many People discover themselves shocked by completely different features of retirement — from the monetary to the emotional.
Notably, not all of the retirement revelations are damaging, and lots of older People report being presently shocked by their life after work. However there are damaging realizations as nicely, starting from painful and sudden tax burdens to fraught emotional challenges related to legacy planning.
See the accompanying slideshow for 9 key ways in which People report being shocked by life in retirement. Contemplating all of them may help People higher navigate the retirement journey.
