Northeast Ohio based financial advisor Laura Radcliff works for Edward Jones, a financial advisory company, reviewed retirement, planning for retirement and late retirement during her Aug. 27 appearance of America’s Work Force Radio Podcast.
She introduced the four pillars of new redefined retirement according to her firm. These pillars include health, family, purpose and finances.
She said if workers and retirees have all four of these pillars, they are looking at a higher quality of life and security in retirement.
Radcliff stressed the importance of planning for retirement. This starts long before retirement and can help people achieve the four pillars. If a person adequately plans for retirement during their years in the workforce, they will have a more successful and comfortable retirement.
Continuing to work
Radcliff then said many people are continuing to work well into retirement age. She attributed this to the fear of healthcare costs and long term care. Those planning to retire should be looking at their options for both of these.
She also said many people have decided not to retire due to the COVID-19 pandemic. She said these people have either been furloughed or lost their jobs entirely, forcing them to continue working to compensate for lost funds.
Radcliff also explained that people will delay retirement as a way to feel useful or purposeful. She said this can also be attributed to some not thinking they need to retire and can continue working in order to stockpile more funds for when they eventually do retire.