A recent study by IHG Hotels & Resorts reveals that many retirees are enjoying vibrant lives that their younger selves would envy. Over a quarter of retirees believe their current lifestyle is preferable to their past. The survey of 2,000 Americans, including those who will retire between 2020 and 2029, found that 60% plan to reinvent themselves during retirement, with a significant focus on travel—40% are planning or have taken trips to celebrate this life change.
Despite their enthusiasm for new adventures, including hobbies like gardening and cooking, retirees face financial concerns. A Harris Poll indicates that 31% of Americans lack a retirement account, and many are relying on Social Security, which may face cuts in the future. Some retirees also express guilt about their financial freedom, worrying that their lavish plans may negatively impact their adult children, who struggle financially. Overall, while retirement offers opportunities for adventure and reinvention, it also brings challenges related to income and family dynamics. As always, retirement decisions, especially related to your finances, are important. We encourage you to consult with your wealth advisor as you plan for your 'retirement reinvention'.
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