The reality of the "new" retirement

Are you ready to face retirement? According to a recent study by Merrill Lynch, "Americans on new retirement realities Outlook and longevity bonus," most of the baby boomers prefer peace of mind over the accumulation of wealth and seek to reinvent itself retirement.

The Merrill Lynch survey found that today's retirees expect to live longer and work longer than previous generations, and seek advice in this is uncharted territory.

Thirty-nine percent of survey should include the part-time work in their retirement years, and 24% for mixing stretches of work with periods of recreation. Forty-eight percent said they would work to just retreat

Fifty-two percent of people in the survey should provide their adult children with some form of ongoing support "and stimulation Satisfaction."; 35% of respondents would give support to their grandchildren, 16% to a parent or parent-in-law and 10% to a brother or brother-in-law.

Asked what was important to pass on to future generations, 74% of respondents said their top priorities were the values ​​and life lessons. Passing on the financial and real estate assets was a priority for 32%.

serious health problems have been a major concern for 72% of respondents, with 60% saying they do not want to burden their families, while 47% were worried about running out of money to live comfortably. At the same time, health care costs were financial worries 1 for retirement for 52% of respondents with investable assets above $ 250,000 and 37% of the poorest respondents.

A popular belief is that people today are delaying retirement, but the survey found that 59% of men and 57% of women had taken early retirement. For those who took early retirement, 34% said the main reason was a personal health problem, 27% for early retirement because they had enough money to retire, and 24% had lost their jobs .

An interesting finding is that only a third of large companies now offer health benefits to retirees over two thirds 25 years ago. As a result, retirees seeking advice on how to protect against retirement health costs, with 75% of respondents say they need help in sorting in health care and long term care options. Just behind, 71% wanted help to understand the social security or employer pension.

So, let's put it all in perspective. What the survey points out that pre- and post-retirees still need professional advice to make appropriate decisions. Before age 65, this means understanding the disability insurance needs, life insurance and assurance of long-term care.

After 65 years, most disability insurance is no longer available, but the need for life insurance to replace lost income continues, as the need to plan healthcare for diseases debilitating disease that may require care at home or in a facility.

Some 10,000 people a day reach the age of 65 and that number will continue the next 17 years. Many of these people will risk the longevity risk of outliving their money. Now is the time to plan using appropriate methods and products to minimize this risk.

Talk to your agent or professional advisor today.