Retirement Reboot

Retirement Reboot

Retirement Reboot: Common Sense Strategies for Getting Back on Track

If you are getting close to retirement, the odds are pretty good that you’re not prepared. 

I don’t mean getting prepared emotionally—although retirement is a significant life transition that can shake people up. I’m talking about the financial side of retirement. And the statistics tell us that two-thirds or more of Americans nearing retirement age simply are not ready. 

The most important measure of financial readiness to retire is your ability to replace working income after you retire—in other words, your ability to maintain your standard of living. This readiness is directly related, of course, to the financial history of your working years: career earnings, time spent out of the workforce, and financial emergencies that flare up along the way. Competing demands for each available dollar, such as the high cost of housing, child care, and college tuition, also matter a great deal to your level of preparation for retirement. An unexpected crisis or life upheaval like a health emergency, divorce, or disability that prevents you from working, can throw your plans off track.

Americans approaching retirement now have surfed some especially scary economic waves. Even a short-term interruption in wages can have a surprisingly large impact on retirement. Each year out of the workforce translates into losses considerably larger than the immediate amount of missing salary. These losses compound over the arc of a career—lost wage growth and retirement savings, and credits toward Social Security and pension benefits.

My new book, Retirement Reboot: Common Sense Strategies for Getting Back on Track, will be published in January, 2023 by Agate Publishing.

If you’d like to learn more about the book, please get in touch.

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