As Americans age, they will need to spend more time planning for retirement entertainment.
Radnor, Pennsylvania, January 16, 2024–(BUSINESS WIRE)–The number of Americans age 65 and older will more than double over the next 40 years, and more adults than ever are making post-work plans. . While traditional retirement planning requires extensive conversations about saving for the future, post-retirement conversations rarely mention how retirees plan to spend their non-working years.New research findings from Lincoln Financial Group1 (NYSE:LNC), 77% of Americans surveyed in their 50s and 60s say retirement is a stage in life when they can finally pursue passions and pastimes they didn't have time for during their working years. We believe that this is the case. Despite their desire to plan exactly what they want to do in retirement, only 11% of pre-retirees say they've made a lot of plans for entertainment in retirement.
Plan with an expert
Many Americans nearing retirement work with financial professionals to ensure accurate planning, savings, and investments, but they don't spend the time they need to enjoy their passions for the rest of their lives. yeah. In order to build a lifestyle with the time and funds to explore these passions and pastimes, and to ensure that our loved ones are included in this plan, we need to put more energy into planning these activities. there is.
The survey found that 87% of individuals in their 50s and 60s who work with a financial professional have discussed their retirement investment strategy, but have never discussed budgeting for their favorite activities. Some only had 53%.
Almost half (48%) of people over 50 who work with a financial professional but have never discussed their retirement entertainment budget are increasingly worried about their finances.
“People nearing retirement today have no plans to slow down, and that's what many overlook in the planning process,” he said. John Kennedy, Vice President and Chief Distribution and Brand Officer, Lincoln Financial. “We want to help the next generation of retirees continue their pastimes for the rest of their lives. This research calls for more emphasis on planning to do the things they love, especially when they finally have the time.” It clearly shows that there will be, once the years of work are over.”
Recreational pursuits after retirement
Pre-retirees and retirees want to spend their retirement years pursuing their passions and pastimes, such as traveling, volunteering, experiencing the arts, exploring outdoor activities, and socializing.
Pre-retirees in their 50s and early 60s intend to plan more, with 87% saying they expect to spend additional time planning for retirement.
However, only 30% of retirees say they have done enough planning for how they will spend their post-retirement years.
“With proper planning, retirement can be full of opportunity, adventure, and new experiences.” Jimmy Reed, President of Workplace Solutions at Lincoln Financial. “Our new research shows that while many people dream of enjoying their retirement, they don’t factor the costs of hobbies and activities into their plans. Get the right advice, tools and solutions. By leveraging financial planning, retirees can ensure they have enough money saved up for the things they love most over the next few years.”
Visit LincolnFinancial.com to learn more about how you can take financial action now to ensure your pastime lasts a lifetime.
About Lincoln Financial Group
Lincoln Financial Group helps people plan, protect and retire with confidence. As of December 31, 2022, approximately 16 million customers trusted our guidance and solutions across his four core businesses: Pensions, Life Insurance, Group Protection and Retirement Plan Services. As of September 30, 2023, the company's end-of-period account balance was $290 billion, excluding reinsurance. Lincoln Financial Group, headquartered in Radnor, Pennsylvania, is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. For more information, please visit LincolnFinancial.com.
1 sauce: Lincoln Financial, Consumer Sentiment Tracker, September 2023
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