Many different factors motivate people to retire, but four stand above the rest, according to Fidelity Investments’ latest Retirement Savings Assessment.
Fidelity surveyed 3,569 working households with respondents between the ages of 25 and 75 and asked them to name the top factors that will determine how, when and where they retire.
Following are their answers.
Housing affordability
Survey respondents who said this factor influences how, when and where they retire: 61%
Even with today’s cooling real estate market, prices remain elevated. If you recently bought a home, you probably have a large mortgage to pay down.
A big home loan can be a roadblock on the journey to retirement. If you have a big monthly mortgage payment, saving for retirement can end up on the back burner.
Comparing rates can be a great way to lower your home loan costs. So, stop by the Money Talks News Solutions Center and search for a great mortgage rate.
Rising health care costs
Survey respondents who said this factor influences how, when and where they retire: 67%
During his 2008 presidential campaign, Barack Obama pledged that health care reform would help the typical family slash annual health insurance premiums by up to $2,500.
For a variety of reasons, although 2010’s Affordable Care Act brought more affordable health insurance to millions, those promised savings never materialized for many people. That is likely why two-thirds of people still fret about health care expenses.
As these expenses continue to climb, Americans nervous about medical bills tend to wait until age 65 to retire. That is when they become eligible for Medicare.
Just remember that Medicare will not pay all your medical bills. For more, check out “Medicare Will Not Cover These 10 Medical Costs.”
Feasibility of retirement ambitions
Survey respondents who said this factor influences how, when and where they retire: 69%
No matter how badly you want to retire, you cannot say goodbye to your day job until you are in a financial position to do so. And when selecting a retirement destination, people often look for places that will let them achieve their retirement ambitions.
Many different types of life circumstances can delay retirement, but a lack of savings is probably the chief obstacle. So if you want to retire on your terms, start saving and investing now.
For more, check out “7 Keys to Stress-Free Retirement Investing.”
Desired quality of life
Survey respondents who said this factor influences how, when and where they retire: 76%
Most of us work for many decades before retiring. After slugging it out at our jobs for so long, we all want to enjoy the final phase of life on our own terms.
Want to make sure your retirement meets expectations? Avoid the “8 Mistakes That Can Sabotage Your Retirement.”
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