Research, gathered in June of this year in an online survey, found that 17 per cent of respondents aged 65 and older were finding retirement difficult. Retirement may seem like the end of the line for many of us, but returning to the work force is becoming increasingly common for those over 65, and enableMe’s Hannah McQueen told Jack Tame recently in an interview on NewstalkZB that this is the new norm for 70 per cent of those who have retired.
Most retirees will use up their savings in just 10 years and rely solely on the state pension after that, a new research suggests, and more than two-thirds of retirement-age Kiwis surveyed in Financial Services (FSC) Council research felt they would not have enough income to live comfortably. The FSC said nearly four in 10 of the elderly regret not having more financial advice.
The group most anxious about their retirement was those aged between 35 and 44, 63 per cent of whom were worried and 25 per cent very worried. Hannah says that a combination of factors, such as a lack of money or a renewed desire to keep working, is seeing people head back into the work force. However, ageism and discrimination may make it difficult for people.
McQueen explained how to avoid being forced back into the work force because of poor planning, and how to find 'your number' that ensures you retire at the right time. Hannah told Jack Tame that people in their early fifties aren’t planning ahead. In theory people need to recognise that there will be a gap until retirement, and they need to reposition themselves in their fifties so that they can keep working, in case this whole ageist thing starts to apply.
Hannah concluded, “Your ‘number’ is very relevant to the lifestyle you want to live. A very moderate lifestyle costs at least $70,00 a year, so it doesn’t matter what your number is, we just need to work on a strategy so that you’re in control of it to help bridge the gap between your number and reality, and you need to be doing that in your fifties”.
On a lighter note, enableMe are offering an incredible 5-night escape for two with the Bali Bible, valued at over $3000, and all you have to do is join one of their amazing financial fitness programmes before July 31st and you’re in the draw, so to book now, and for more information on financial adviser registers, personal financial planning and financial advisors Wellington please visit the website at http://enableme.co.nz .