Many people looking towards retirement are finding how much things have changed through the years. Clients' time horizon until retirement is just one of the factors they need to review along with estimating how much they may need to retire.
Comparing today's retirement outlook with that of your client's parents and grandparents helps with a long-view of their upcoming retirement. People generally didn't "job hop" 20 – 30 years ago as they do today. Staying with the same employer was the traditional way their parents built a hefty pension and health benefits to have a financially secure retirement, along with Medicare and Social Security.
With shorter life expectancies health care costs may not have been seen as much of a concern as it is in today's environment. Changing jobs is more common than not in today's' business environment, either because of the economy or as a by-product of technology advances that has changed the traditional business models.
Consequently many "Baby Boomers" are finding their retirement benefits lacking or void of the previous "guaranteed" from previous generations. Health care and long-term care costs seem to continue to create havoc in retirement planning, depending on what part of the country clients choose to retire in.
Lifestyle choices are also impacting retirement planning with many caring for grandchildren or going back to school, starting a business or volunteering. With people living longer finances may have to last as long in retirement as many careers endured.
