Would you be ready for a 30+ year retirement?
It’s already happening. Some Americans are now living a 30+ year retirement, and as individuals are living longer, it likely will become more common in the future.
That means a need for an added emphasis on planning—to decide what to do with all that time as well as how to manage the financial implications. To help with the latter, Wells Fargo Wealth & Investment Management is partnering with the Longevity Project in collaboration with the Stanford Center on Longevity. The project’s goal is to support both a new awareness of the longevity challenge and the changes needed so people around the world can live healthier, more secure, and more fulfilled lives.
To help with navigating a longer retirement, the project published the “Planning for the 30+ Year Retirement” (PDF) report, which contains important news based primarily on original public opinion research the project conducted and interviews of leading specialists in the retirement field.
Set your mind on planning
Wells Fargo research included in the report shows that one of the keys to enjoying a long, fulfilling retirement lies between our ears: having a “planning mindset” is a powerful predictor of personal well-being and overall financial wellness. It helps by creating a kind of road map that may strengthen a person’s financial future.
A planning mindset, defined in the report, can offer powerful rewards. People who have it are:
- Nearly two times more satisfied with their overall financial life
- Nearly two times more confident they will have enough saved for retirement
- 2.5 times more likely to have a strong sense of personal control over their current debt situation
Source: Wells Fargo Wealth & Investment Management, “2019 Wells Fargo Retirement Study Reveal: Preparing for a 21st Century Retirement.”
10 steps toward financial wellness
- Make a plan
- Talk with others
- Start early
- Maximize your employer contributions
- Keep your retirement savings when you change jobs
- Accept that something will go wrong
- Better late than never
- Consider working longer
- Think about a more flexible retirement
- Have a “decumulation” planend call out
Head toward financial wellness
Among its many valuable insights to help with planning for a longer retirement, the report expands on the 10 steps on the road to financial wellness summarized to the right.
Put it to work for you
The complete, complimentary report is available to help you plan.Get the report (PDF)
Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and nonbank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.
Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly-owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company.