The COVID-19 pandemic presented a unique set of challenges for financial and retirement planning and now investors are looking ahead to the future with different priorities. A recent research study from Northwestern Mutual shows that over one third of Americans have pushed back or moved up their target retirement age directly as a result of the Covid crisis.
One quarter of those who participated in the survey said that they plan to retire later than expected even though 11% said they plan to retire earlier. The vast majority of those who are planning to delay will push out somewhere between 3 and 10 years.
The youngest generations participating in the study intended to leave the workforce before age 60. Some of the top reasons most people in the study are delaying retirement have to do with the desire to save money and work while also getting flexibility in their workplace.
Other concerns include the rising costs for medical and health care issues and direct withdrawals that were made from retirement savings during the pandemic. Another group of people had also had to take care of friends, relatives or additional dependents during the pandemic.
Together, your retirement plan and your estate plan work hand in hand to support your needs and help you adapt for life after you stop working full time. From income streams to giving to long term care, having the help of a Virginia Beach estate planning lawyer can be instrumental in covering all your bases.
If you are curious about how to align your estate planning in your retirement goals, do not hesitate to reach out to an experienced and dedicated estate planning lawyer.