Retirement was once seen as a period of freedom and leisure. After a lengthy amount of time spent in the workforce, rest and relaxation was virtually guaranteed in some capacity. However, that concept is dissolving as the global economy continues to change. People around the world lack confidence that their retirements will be comfortable.
There is widespread doubt when it comes to a traditional retirement. One-third of employees are pessimistic about having enough money to live on in retirement, while just 19% are “very” or “extremely” confident they will be able to fully retire with a lifestyle that is considered comfortable, according to new research from Transamerica Center for Retirement Studies (TCRS.) In fact, only 18% expect to enjoy a better retirement than current retirees. The survey included 16,000 people from 15 different countries.
“Although economies are improving, continued pressures on retirement systems around the world are driving the need for individuals and families, employers, and policymakers to change the way they view retirement,” said Catherine Collinson, president of TCRS. “We live in a time in which it is vitally important to find ways to help people achieve a financially secure retirement.”
Let’s take a look at three simple ways to improve your chances at a comfortable retirement.