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Are you ready for RETIREMENT?

December 10, 2015

Retiring Your Way


If not, or you’re not sure, attend one of the “Retirement Review Seminars” offered by UBT Retirement Plan Services. These seminars have been available since 2011 for our plan participants. Each presentation includes information on Estate Planning, Medicare, Social Security, and Financial Planning. Just the topics those nearing retirement want to know more about.

In an effort to stay ahead of our participants’ needs, we have been conducting our own Retirement Survey with seminar participants since 2012. While our results are not scientific, there are some definite trends that can be derived from the data, which spans 2012-2015.

Trend 1

A larger portion of those participants who see retirement on the horizon, anticipate working until Social Security Full Retirement Age (66-67 years of age) or older. In 2012 only 63% of participants planned to work until 66-70 years of age, but in 2015 over 89% intend to work until at least Full Retirement Age. The percentage who plan to work to age 70 has gone from 17% in 2012 to 23% in 2015! Of course a participant’s intent and reality are sometimes markedly different, as life has a way of sending you down a different path… whether it be your health, family circumstances, or even winning the lottery.

Trend 2

Market Volatility has become more of a concern to plan participants over the last 3 years. In 2012 only 44% were concerned about volatility, by 2015 that percentage had grown to 54%. Most probably, the recent ups and downs of the market were foremost in survey participant’s minds.

Trend 3

The participant survey appears to illustrate that participants are at least trying to calculate their retirement needs. In 2012 only 42% had attempted to calculate how much retirement income they would need and by 2015 percentage was closer to 55%. While it’s always difficulty to put a dollar figure on what will be needed to maintain your lifestyle during retirement, it’s a vital first step toward retirement.

There are also some numbers that have stayed fairly consistent. The majority of survey participants (66% in 2012 and 63% in 2015) are most concerned about Economic Uncertainty, which includes everything from the inflation rate to the GDP.

And probably most concerning, close to 40% of the plan participants have consistently responded that they are considering postponing their retirement because of economic uncertainty, market volatility, and concerns over the size of their retirement savings. Quite possibly those facing retirement in the next few years, may have a retirement that looks completely different from those individuals who retired 15 years ago!

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This blog article is for informational purposes only, and is not an advertisement for a product or service. The accuracy and completeness is not guaranteed and does not constitute legal or tax advice. Please consult with your own tax, legal, and financial advisors.

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