Almost half of respondents to a new retirement survey from TD Ameritrade say they'll settle for working longer if it means they can have a larger nest egg.
TD Ameritrade surveyed more than 10,000 clients and released the results Thursday.
"Retiring at age 65 is not a rule, it's a concept – a concept that was defined in a different era," said Lule Demmissie, managing director, investment products and retirement, TD Ameritrade. "Retirement today is different for each individual, which is why it's so important to customize a plan based on your specific, actual needs – not on a theory."
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Investors biggest fears for retirement revolve around economic challenges. Thirty-nine percent of respondents said they most fear adjusting to a lower standard of living in retirement or being forced to relocate to an area with a lower cost of living. Another 24 percent said they are most concerned they will outlive their savings, a fear that's likely prompting people to rethink their retirement age.
Advisors see from clients a desire to make their savings last. A separate survey of 500 independent registered investment advisors by TD Ameritrade shows top topics of discussion include asset allocation (39 percent); creating a portfolio to provide growth or income in retirement and withdrawal rate (34 percent); and how much money clients can withdraw from their portfolios before dipping into principal.
Other conversations center on longevity, or the risk of outliving their assets (16 percent), and inflation's impact on a portfolio (10 percent).
"We rarely see clients simply stop working one day and 'retire' for good. Even clients with adequate financial resources are working part-time and easing into retirement both financially and emotionally," said Ben Tobias, CPA/PFS, CFP, CIMA, Tobias Financial Advisors.
"People are very aware that a market reversal can happen again and have adjusted their retirement portfolios to provide additional protection. Just as it is nice to have a little extra time built into one's travel schedule should delays occur, it is similarly agreeable to have some additional 'wiggle room' in one's retirement portfolio."
While outliving their savings is a top stress factor for investors, 54 percent said they're confident their investing strategies will prevent it.
"People want to know that when they are ready to retire they can live with the comfort of knowing that their money will last," continued Demmissie. "The best way to ensure this is to develop a strategy. Retirement is not about the destination – it is about the path we create and follow to that destination."
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