Retirement my farewells and retire to a life

Retirement
doesn’t mean cruise control

            I often dream of the day that I can bid
my farewells and retire to a life of travel and luxury. But that just isn’t
reality for most of us. Many have a fantasy that we can just cruise through our
golden years. Failing to realize our healthcare costs can quickly press the accelerator
on depleting our savings. Working with the Senior Market/Medicare population I
am reminded daily of how ill prepared we really are.  We tend to think we can’t afford to save.
Truth is we can’t afford not to save. We have to be given tools not only to
show us how to save but also display the risks of not saving. I applaud many
companies that strongly encourage their employees to contribute to their
retirement by often times matching certain percentages of funds contributed.

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Now
we all want to retire and live the good life, travel the world, take care of
our families, pay bills, and do whatever we want.  Who wouldn’t want to have lunch on the beach
and fly to Paris for dinner? That just isn’t our reality although feel we have
earned that right after working several years. Too often we only factor in
their current spending when saving for retirement if we even save at all.  We tend neglect factoring in our healthcare
needs because we don’t know what we will need. With a lack of planning and
limited knowledge we end up paying for it later on. With the rapidly increasing
cost of healthcare many end up in financial shock as funds dwindle down
exponentially.

            According to Recer (2017), “Life expectancy for Americans
age 65 in 2000 is 18 years, on average. In 1900, 65-year-olds could expect to
live, on average, another 12 years.” 
Which means people can easily live well into their 80s or 90s.  According to the Social Security
Administration 65 is the age considered the “normal retirement age.” (The Full Retirement
Age 2017) Which means many of us will spend just as much time in retirement as we
did working. Are we really prepared to live life with no financial increase?  Could we consider working part time well into
our 80s or 90s?  Imagine living for 30
years on the same salary with no raises while cost of living continues to rise.
Factor in all the care that you might need for your health in addition to any
debt you have accumulated. That could be very tough. Now there is social
security. There are several debates are people getting their fair share or if
there will be social security when some of us retire. Even if you received very
cent you paid towards social security would that sustain you? If so, for how
long?  No matter how you feel about the
matter living on social security doesn’t cut it if you want to live
comfortably.

It
is imperative that they find a delicate balance between the quality and
quantity of life. Yes we all want to live to see our children and grandchildren
grow up and start their own families. But what is it going to cost?  According to Fidelity Viewpoint (2017), “The
estimate for retiree health care spending rises to an average of $275,000 per
couple, excluding long-term care expenses.”  There are several questions we need to ask
ourselves. We have to be real with ourselves and think beyond what we see
today. Can we depend on you family to cover our short comings?  Would you want to work part time?  Will your health allow you to work?  Some may have to work beyond the “normal
retirement age” to secure finances.  In
retirement you have to be mindful with spending. Generally speaking you will
not be making deposits.  As the saying
goes “once it’s gone it’s gone.” The best way to combat the retirement blues is
planning ahead for things for seen and unseen. 
Health care ends up being one of the largest costs during retirement;
often drives people to get back in the workforce or forces people to live below
poverty levels. 

Works
Cited

1.     
Recer, P. (2017, August 10). Older Americans Living Longer, Study Says.

Retrieved
from http://abcnews.go.com/Health/story?id=118056

2.      The Full Retirement Age is increasing. (2017,
November 25). Retrieved from

https://www.ssa.gov/planners/retire/ageincrease.html

3.      Baron,
A. M. (2016, February 11). 4 Questions We Need to Ask Ourselves Today.
(Web

Blog Post) Retrieved from https://www.huffingtonpost.com/ayelet-baron/4-questions-we-need-to-as_b_9207678.html

4.      Fidelity
View Points. (2017, September 6). Retiree health care costs continue to
surge

Data file. Retrieved from https://www.fidelity.com/viewpoints/retirement/retiree-health-costs-rise

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