A recent study by Vanguard Australia has found that people's ideal retirement age changes as they get closer to retirement. The study found that younger people tend to think that the ideal retirement age is earlier than older people.
There are two main reasons for this change. First, by the time people reach their 50s, work may take on a different meaning for them. Earlier in life, people may be working to pay off a mortgage, raise a family, or save for retirement. However, as people get older, they may be more likely to view work as a way to stay active and engaged.
Second, as people get closer to retirement, they may realize that they are not quite ready financially to stop working. This may be because they have not saved enough money or because they have become accustomed to a certain lifestyle that they cannot afford to maintain in retirement.
The study also found that there is a difference in ideal retirement age between men and women. Men tend to think that the ideal retirement age is later than women. This may be because men are more likely to be the breadwinners in their families and may feel that they need to continue working to support their families.
Overall, the study suggests that people's retirement plans are not set in stone and can change as they get older. It is important to regularly review your retirement plan to make sure that it is still on track to meet your needs.
Why not take the next step and talk to a qualified financial planner?
LifeTime Financial Group are specialist (holding appropriate accreditations) advisors who are ideally positioned to assist you with your retirement planning needs.
If you would like to discuss your financial planning needs, why not call us today on 03 9596-7733? There is no cost or obligation for our initial conversation/meeting.
Alternatively, please make an appointment using our online Book an appointment (Blue button above)
LifeTime Financial Group. A leading privately-owned Melbourne-based Financial Planning practice with no ties to any financial institution.