When legendary financial life planner George Kinder, founder of the Kinder Institute of Life Planning, and author of Life Planning for You, begins his work with his clients, he asks them what they would do with their lives if money were not a concern, an exercise that helps him and his clients clarify their priorities.
A survey that’s part of a AARP’s personal empowerment initiative called Life Reimagined, finds that adults 35-years-old and older know what they would do, but many don’t believe they will ever be able to afford to do it. Of those surveyed:
- While 87% of those surveyed who are working full time say they want to retire someday,
- 70% of those hoping to retire don’t expect to retire by 65, or at any age.
These findings are in line with the Bureau of Labor Statistics, which predicts that the labor force participation among 65-74 year-olds will hit 32% by 2022, up from 20% in 2002.
“This new survey points out the differences between traditional ideals and today’s expectations of both Gen-Xers and Boomers as evolving realities begin to take shape, especially when it comes to work,” says Carey Kyler, vice president of consumer experience and strategy at Life Reimagined.
“And, many are feeling overwhelmed by the challenges that these new life transitions present, which is why AARP first launched Life Reimagined. People are looking for help navigating these new realities and figuring out what to do next in their careers or work” she adds.
As Kinder does with his clients, the first step in creating your ideal retirement is to figure out what it looks like, and figure out what it costs. AARP’s retirement calculator is a helpful resource.
As for those surveyed:
- Nearly 70% would volunteer or donate to a cause.
- Nearly 60% would travel the world.
- Half who are working would do a different kind of job if they could (49%), with nearly a third opting for a career that helps or teaches others, and nearly a quarter doing something creative or artistic.
If you, like most of the survey participants are afraid that you don’t have the financial resources to get there, be sure to make the time to talk to a financial professional so that, together, you can create a retirement savings plan that can help you create financial security and live out your dreams.