As life expectancy has increased the reality of retirement has changed dramatically. When the Social Security Act passed in 1935 the average retirement age was 65 and retirement lasted on average 8 to 10 years. Now, most Americans are planning for multiple decades of retirement.
In 2011 the U.S. Census Bureau announced that the number of Americans in their nineties had tripled since 1980, and projected that 10% of the population in the U.S. will be 90 or older by 2050. These statistics raise huge questions for those hoping to one day enter retirement. How do you prepare for a retirement that may last 25 years or more?
In a recent post for the New York Times author Kerry Hannon provides advice and anecdotes for those wondering how to plan for this milestone. Hannon shares best practices of preparing for a traditional retirement, and counsel for those who feel that isn’t an option. While some have planned ahead, “many Americans are not ready for retirement.”
Regardless of your current situation, there is a way forward. Read more on becoming retirement-ready here: Rethinking Retirement for Longer Lives With Fewer Safety Nets
