The increased lifespan of the average person is creating a new world for retirement planning. Retirement is no longer a less expensive period of life. Costs in retirement are increasing, including health care cost, caring for parents who are also living longer, and supporting children who are waiting longer to settle down. Individuals may have to work longer than previous generations prior to retirement or move to less expensive locations in order to retire.
See Eve Kaplan, Don’t Get Caught Flat-Footed by the ‘New Retirement’, Forbes, June 24, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
