Well there's no doubt that longevity risk is a huge and somewhat untested issue. I wrote an article a few years back about the idea that retirement is such a new concept. Many of our grandparents didn't retire, depending on our ages, and certainly our great-grandparents didn't retire. If they did, they didn't live 30 years in retirement, so we simply don't have a lot of real-world data for these things.
I do find a lot of clients working longer, for a number of reasons. One is that psychologically it's difficult to go from earning an income and building your nest egg to no longer adding to that. It's a complete shift and peoe tend to have a hard time adjusting to that. It seems increasingly the case where people work part-time or consult some of the time into their retirement.
Of course there are a lot of factors in each scenario and personal situation. I'd recommend sitting down and running the numbers so you can prepare as best as possible. If that's something you can't do on your own, or you want another opinion on things, feel free to get in touch!
|