Retirement Changes to Make Today

Posted on: in [ Retirement ]

Retirement trends are always changing and adapting from one generation to the next. As time goes on, changing patterns in the work force have led to changing patterns in retirement. Retirement has traditionally been viewed as a time to create a long reading list or escape on a month long vacation. It is when an individual who has worked their entire life, gets to enjoy the rest of their life away from work. While this is the ideal plan of retirement, it doesn’t always play out as imagined. State Bank is here to provide you with Traditional and Roth IRA’s for your retirement plan.  From loans to investments, we hope to be the bank you call home. We would like to draw your attention to some changing areas in the retirement world today. 

Semi-retirement is a popular trend for retirees today. There is a lack of secure pensions and forced early retirement, which leads many individuals to leave their full time job and work part time after retirement. 

Income plays a role in when an individual can and will retire. It is popular belief that the more money a person makes per year, the sooner they will retire. However, this is not the case. It has been shown that individuals with higher incomes want to and are able to work longer. People who have lower paying jobs have had a different experience in the work force and want to take advantage of the benefits presented to them when they are able.

Social Security has made a change where people can continue to work from age 62 to 70 and take benefits. While they are working, they can build up credit and still maintain lifelong benefits. Companies are also making changes and allowing their employees to retire when they want to without being pulled by a pension plan.

State Bank is here to provide professional financial advice. We offer services in personal and business banking. Whether you or a loved one is approaching retirement, it is important to stay up to date with changing trends. We invite you to stop in or give us a call today!  

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