Jul 15, 2021
To understand how retirement planning has changed in recent years, you have to look no further than the demographics of today’s retirees.
It’s a topic that you’ve probably read about or discussed in some form, but how much have you noticed it impacting your retirement plan? On this episode of the podcast, we want to share some statistics with you to provide a clearer picture of what this means for planning.
Let’s start with the idea that overpopulation in this country is a problem. When you look at the birth rate, it’s not too different than what it’s been for previous generations? So why are we noticing it so much now? Well, that answer lies in the longevity we’re enjoying now.
The population of people over 65 is expected to climb to 20% in the near future, which is about a 50% increase from where it is now. It’s not that people are being born at a faster rate, it’s that they’re living longer. That’s great, right? Well, yes and no.
We love that our clients can enjoy more of their life and spend more years in retirement doing what they love, but it also means that more people are underprepared for potentially living into their 90s. What used to be a 10-15 year retirement could now be 25-30 years so making your money last becomes much more important.
That’s why you build an income plan that identifies your expenses and ensures that you have money coming in throughout retirement to cover those things. It’s the baseline for any plan and it’s essential for success in retirement. So we’ll dive into how we build that plan and what income sources most people rely on during this show.
If there’s something you’d like to learn more about, please reach out and let’s talk.
Check out the full episode or use the timestamps below to hear a specific segment.
0:20 – Overpopulation
1:11 – Population over 65 is growing
2:31 – Planning into your 90s
5:01 – Where does income come from?
7:41 – Income is the baseline for any plan
For more, visit us online at http://flemingfinancialservices.com