Retirement is often referred to as “the golden years,” and with good reason. After a long, dedicated career, now’s the time to finally catch up on all your lifelong goals. So just what are American workers planning on doing when they get there? To help you with planning retirement, we’ve taken a look at the top five retirement goals.
1. Spend Time with Family and Friends
Seeing friends and family was the top retirement goal for workers, according to a survey from HSBC. You’ll have plenty of spare time, so why not spend it with the people you cherish most? It’s the perfect opportunity to catch up on all the memories that you didn’t have time for when you were busy working.
Travel is ranked as another top goal for retirement. Most people have limited vacation days, and the workplace is always busy, so it can be tough to use what time off we’re given during our working years. A long trip abroad really isn’t possible for many.
When people retire, they finally have the time to take the dream trips they always wanted, not to mention the flexibility to book trips during the off-season, when they can get a better deal.
3. Work Part-Time
It might be a sign of the times and our new economy, but half of American workers plan on working during retirement, according to the TransAmerica Center for Retirement Studies. Some see it as a necessity. They believe they will need the extra part-time income to supplement their savings, so they don’t outlive their money (If this possibility is a concern, check out how a life annuity can help.)
But not everyone works after retirement because they have to. Some retirees want to continue working part-time simply because they enjoy working and want to keep busy. Others see it as a chance to try a new direction they’d always been intrigued by, like starting their own business. In any event, many workers do not plan on completely leaving the workforce at retirement.
4. Education and Self-Improvement
American workers also see retirement as a great chance to learn and better themselves. Many would like to take courses at the local university or community college, which often provide special discounted classes for retirees. Others see retirement as a good chance to work on a hobby that they didn’t have time for during work years. Finally, exercise is a top priority. It’s important to stay healthy and retirees want to use their spare time to be more active.
Finally, American workers want to give back after they retire by volunteering in their local communities. Charities always need more help, so this is a great way to fill up your week while doing a good deed
What are your top retirement goals? Schedule a consultation with Nicholas Wealth Management today to see how we can help you achieve them.
Securities offered through TCM Securities, Inc. Members FINRA – SIPC. Advisory Services offered through Triumph Wealth Advisors and BluePath Capital Management.
The access and use of any product, service or links on this website is subject to the terms of this Disclaimer. David Nicholas & Nicholas Wealth Management shall not be liable for any damages arising out of your reliance to any information provided here. The information and materials provided here, whether supplied by a third party websites, marketing materials, newsletters or any form of publication are provided for general information and circulation only. None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any product or financial instrument. It does not take into account of your personal investment objectives, specific investment goals, specific needs or financial situation and makes no representation and assumes no liability to the accuracy or completeness of the information provided here. The information and publications are not intended to be and do not constitute investment advice, and does not warrant that such information and publications are accurate, up to date or applicable to the circumstances of any particular person. Any expression of opinion is subject to change without notice and is personal to the author and the author makes no guarantee of any sort regarding accuracy or completeness of the information provided. You should not make any investment or financial decisions, without undertaking independent due diligence and consultation with your financial advisor.
This blog is designed to provide general information on the subjects covered. It is not intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Nicholas Wealth Management and its affiliated companies, and their representatives and employees do not give legal or tax advice. You are encouraged to consult with your tax advisor or attorney.
Annuities are generally considered long-term investments. It is intended for a person who has sufficient cash or other liquid assets for living expenses and other unexpected emergencies, such as medical expenses. A fixed indexed annuity is not a registered security or stock market investment and does not participate directly in any stock or equity investment or index. Annuities are not deposits of or guaranteed by any bank and are not insured by the FDIC or any other agency of the US. All guarantees are solely backed by the financial strength and claims paying ability of the issuing insurance company. With the purchase of any additional-cost riders, the contract’s values will be reduced by the cost of the rider. This may result in a loss of principal and interest in any year in which the contract does not earn interest or earns interest in an amount less than the rider charge. This illustration does not take into surrender charges which may apply to early withdrawals.
Purchasing an annuity within a retirement plan that provides tax deferral under sections of the Internal Revenue Code results in no additional tax benefit.An annuity should be used to fund a qualified plan based upon the annuity’s features other than tax deferral. All annuity features, risks, limitations and costs should be considered prior to purchasing an annuity within a tax-qualified retirement plan.Insurance products, including annuities, are offered through David Nicholas, a licensed insurance agent in the state of Georgia.
Ready to Take The Next Step?
For more information about any of the products and services listed here, schedule a meeting today or register to attend a seminar.