Back in 2007, I would tell clients that retirement is made up of a three-legged stool: Social Security, Pensions, and Savings. And if any of these legs broke, it could ruin your retirement.
Then we had the 2008 Banking/Wall Street crisis, and people began losing their jobs, their homes were foreclosed, their 401(k) savings decreased dramatically, and many pensions either went broke or were closed.
According to a recent survey by GoBankingRates, a whopping 63% of women say they have no savings or less than $10,000 in retirement savings.
It looks like this three-legged stool truly is broken for many Americans and work will be the New Retirement Solution. I see us working into our mid-70s, doing work we love while giving back and sharing our unique abilities and experience. Of course, the key to all of this is staying healthy.
According to research, the silver lining is that people who continue to work during retirement often experience better health than those who don’t work. Enjoy my article Are You Confident About Retirement?
I invite you to listen to my show with Steven Hill this week, author of Expand Social Security Now! We talk about how Social Security is not broke and how we can make sure that it is funded for years to come. You’ll be surprised by Steve’s simple solution!
If you are ready to explore your own Retirement Reinvention, schedule a complementary 30 minute Discovery Coaching Session by clicking here: www.talkwithkatana.com.