Are You Close or Ready to Retire? Is the Economy Affecting Your Decision?

OurSeniors.net-What Does the Ideal Retirement Plan Entail?

Most Americans have felt the impact the current recession has had on their wallets. They noticed it at
grocery stores and gas stations, and not only has inflation affected the cost of consumer goods in the
short term but it will also impact the way people plan for the future.

People who are close to or ready to retire have different views of what retirement means. Many seniors
believe that they have enough money saved up to last them throughout their golden years; while others
feel they will need to continue to work either full-time or part-time to make ends meet. Some believe
that retirement automatically kicks in at a certain age or the moment they left their jobs and started
collecting their pension. Different opinions have been further complicated due to the Covid-19
pandemic which was discovered in late 2019 in some parts of the world and has impacted the U.S.
economy since early 2020.

According to July 2021 survey, approximately 33 percent of older Americans close to or ready to retire
have been affected by the economy during the pandemic and are planning to delay retirement. Early in
2022, that number increased rapidly to 59 percent. People are concerned they will not have enough
saved up enough to weather future recessions and, as a result, are looking to keep working for as long
as they have to feel confident that their nest eggs can last several decades into the future.

There is an interesting phenomenon that occurred during the pandemic. It gave seniors close to or ready
for retirement a glimpse of what life may look like in the future. Some people lost their jobs, others
developed health problems, and still others learned to work from home during social distancing. Many
seniors found that they need to plan to think differently when it comes to their finances and may need
to consider a hybrid lifestyle where they don’t rely entirely on their pensions, social security, or
retirement accounts, but also find ways to supplement their income by working either part-time or full-
time.

Many people like the thought of pushing back retirement a few years and continuing to work. They
define work as an extension of their identity and as something that helps them remain active, connect
socially, and make contributions to the community. A lot of people have looked at their retirement years
as a way to start their second acts by learning new hobbies or trades and turning them into second acts.
So, if you have been affected by the current economy and are nearing retirement age, you may want to
consider all of your options. Making the right financial choices can release a lot of the pressure you may
start to feel during the early stages of retirement.

Since 2016, the OurSeniors.Net team has provided informative and entertaining content to enhance the
quality of life for the senior and retiree communities throughout Florida. Check out our senior living
magazine online for more great content on a variety of subjects. We are now excited to announce that
starting in October the Southeast Edition of the hard copy of our magazine for seniors will be printed in
English and Spanish, serving the Miami-Dade, Broward, and Palm Beach Counties. Visit our website to

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