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When it comes to retirement, expectations and reality may collide, resulting in what might seem unthinkable – sudden retirement. Unexpected retirement can throw a wrench in the best laid plans, or worse, force a need for fast planning if none exists.
While Americans anticipate, on average, to retire at age 66, the average retirement age is actually 65 for men and 63 for women. Half of retired Americans surveyed by financial services firm Allianz reported that they retired earlier than they planned. Why? Just over one-third of those surveyed reported unanticipated job losses, while one-quarter reported health care issues.
What those reasons have in common is this: a lack of choice. In other words, working Americans faced factors beyond their control that forced them to retire.
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Mike Zirbel
Over the past year, weâve all felt the effects of the coronavirus pandemic in one way or another. But, as the job losses and unemployment numbers tell us, itâs staggeringly clear that womenâparticularly women of colorâhave been disproportionately affected. Women have lost or scaled back their careers, with their labor force participation now at a 30-year low. At the same time, their responsibilities in terms of child care and homeschooling have risen by more than six hours per day. For many, itâs reached a crisis point.
If youâre one of the many women whose lives and finances have been turned upside down by the pandemic, you might be struggling with what to do next. Fortunately, there are strategies to address your immediate concerns and help you plan for a healthy financial future.
Cetera Launches Advisory Council to Promote Diversity in Financial Advice
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LOS ANGELES, April 22, 2021 /PRNewswire/
Cetera today announced the formation of a council for financial professionals devoted to forwarding diversity and inclusion in the field of financial advice, an industry for which equal access and diverse representation is especially needed. Cetera s DEIB strategy centers around three primary areas: with employees, with financial professionals, and in philanthropy.
Stephen Oliver, Fanci Worthington Central to our purpose is the desire to help as many Americans achieve their version of financial well being. That purpose exists without regard for gender,race, ethnicity or ability. It is time for us all to make a sustained commitment toward building a profession that truly lives into its purpose and seeks to mirror the next generation of clients. This financial professional-led council is a wonderful example of the type of le