Viking Magazine - May 2014 - 10

Finance
TREND:
PHASED RETIREMENT
Scaled-back work after retirement
" There is a palpable fear that people will
outlive their money, " says Hannon. People
nearing retirement age are retiring in phases to
maintain an income stream and defer spending
down retirement savings. Rather than making
one single shift from full-time work to fully
retired, they look for flexible ways to stay in the
workforce, either in the same workplace with
reduced or flexible hours, or in new part-time,
contract or seasonal positions. " For the baby
boom generation, continuing to work is a pillar
of our retirement plan, " says Hannon. For
their part, employers appreciate dependable,
experienced workers, especially if they don't have
the added cost of providing benefits.
Retirement: Now and Then
37% in
2014
14% in
1995
Percent of working
Americans who
expect to retire
after age 65
The Changing Face
of Retirement
For many Americans, retirement planning looks
different than it did for their parents and grandparents.
BY CARALEE ADAMS
P
eople are living longer, healthier lives, often decades into retirement.
Many have made multiple career changes in their working lifetime and
don't have traditional pensions or 401(k) accounts. Separate or
combined, these factors can make for an uncertain future.
Kerry Hannon, a career transition, retirement and personal finance expert in
Washington, D.C., and author of " Great Jobs for Everyone 50+ " highlights three
retirement trends emerging in the face of increased life expectancies, evolving
career patterns and changing options for saving for retirement.
10 VIKING MAY 2014 sonsofnorway.com
Source: Gallup
GETTING READY
Hannon advises starting to plan for retirement
by at least age 50. Consider what you want
to do in the next chapter of your life and
your income needs. If you'll need more skills
or training, enroll in a certificate or master's
degree program while you're still employed.
Figure out how much you can afford to
change your workload and when. " See where
you can trim your lifestyle to make the most of
what you still have, " says Hannon. You may
want to pay off debt, downsize to a smaller
home or make other financial adjustments so
you are more " nimble " as you phase down
from your current employment.
26% in
2014
32% in
1995
Percent of working
Americans who
expect to retire
at age 65
26% in
2014
49% in
1995
Percent of working
Americans who
expect to retire
before age 65

http://www.sonsofnorway.com

Viking Magazine - May 2014

Table of Contents for the Digital Edition of Viking Magazine - May 2014

Contents
Viking Magazine - May 2014 - Cover1
Viking Magazine - May 2014 - Cover2
Viking Magazine - May 2014 - Contents
Viking Magazine - May 2014 - 4
Viking Magazine - May 2014 - 5
Viking Magazine - May 2014 - 6
Viking Magazine - May 2014 - 7
Viking Magazine - May 2014 - 8
Viking Magazine - May 2014 - 9
Viking Magazine - May 2014 - 10
Viking Magazine - May 2014 - 11
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Viking Magazine - May 2014 - 46
Viking Magazine - May 2014 - Cover3
Viking Magazine - May 2014 - Cover4
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