REWahoo
Give me a museum and I'll fill it. (Picasso) Give
From a recent Vanguard sudy:
Six Paths to Retirement
"The study, based on a survey of 2,500 Americans ages 40 to 69, identified six common "paths" to retirement and found that three-quarters of older Americans are on one of the top three:
* Early retirement. People in this group (29% of those surveyed) usually leave their full-time jobs in their 50s and never work again. A company pension or 401(k)-type investment plan can help make this possible, as can a lifelong habit of saving diligently. But you might also be on this path if you're in poor health or if you have a high school education or less.
* Work and play. A small number (12%) leave full-time work in their 50s but quickly take on high levels of part-time work or self-employment. You're probably on this path if you want to continue working to stay active or make extra money, or simply because you enjoy it.
* Delayed retirement. Individuals on this path (35%) leave the full-time workforce much later, in their 60s. Yet three-quarters resume working full- or part-time into their late 60s. A big reason for this: lack of financial resources or poor saving habits in the past.
The other paths defined by the study:
* Returning to work. These individuals (5%) retire in their 50s but then go back to work, for both psychological and financial reasons.
* Spouse's retirement. Those on this path (9%) are likely to be married women who didn't work full-time in their 40s and 50s and so never really experience a traditional exit from full-time work.
* Never retiring. One of every ten older Americans is still working—and plans never to retire!"
I was surprised by the high percentage (29%) who fell into the "early retirement" category until I saw it included those with less education and poor health. Wonder what the % would be if those two categories were removed?
Six Paths to Retirement
"The study, based on a survey of 2,500 Americans ages 40 to 69, identified six common "paths" to retirement and found that three-quarters of older Americans are on one of the top three:
* Early retirement. People in this group (29% of those surveyed) usually leave their full-time jobs in their 50s and never work again. A company pension or 401(k)-type investment plan can help make this possible, as can a lifelong habit of saving diligently. But you might also be on this path if you're in poor health or if you have a high school education or less.
* Work and play. A small number (12%) leave full-time work in their 50s but quickly take on high levels of part-time work or self-employment. You're probably on this path if you want to continue working to stay active or make extra money, or simply because you enjoy it.
* Delayed retirement. Individuals on this path (35%) leave the full-time workforce much later, in their 60s. Yet three-quarters resume working full- or part-time into their late 60s. A big reason for this: lack of financial resources or poor saving habits in the past.
The other paths defined by the study:
* Returning to work. These individuals (5%) retire in their 50s but then go back to work, for both psychological and financial reasons.
* Spouse's retirement. Those on this path (9%) are likely to be married women who didn't work full-time in their 40s and 50s and so never really experience a traditional exit from full-time work.
* Never retiring. One of every ten older Americans is still working—and plans never to retire!"
I was surprised by the high percentage (29%) who fell into the "early retirement" category until I saw it included those with less education and poor health. Wonder what the % would be if those two categories were removed?
