May 17, 2005 at 08:00 PM
Longer and more active retirements are forecast in a new study published by the National Association for Variable Annuities.[@@]
NAVA Chief Executive Mark Mackey says those people contemplating retirement are going to need more financial freedom since they will be living longer.
Retirement has now been expanded to a “retirement horizon” when employment will no longer provide most, if any, of their income, according to NAVA, Reston, Va.
According to the survey, 53% of respondents expect to live from ages 16 to 30 years or more in retirement. At the same time, 34% think they will retire between ages 50 and 64, illustrating that retirement horizons lasting decades could become increasingly commonplace.
Healthier lifestyles also increase retirement spans. The survey found 35% of respondents cited healthier lifestyles as the primary reason they expect to live longer in retirement than their parents.
In addition, 48% of respondents said attaining financial freedom would be the main factor in determining their retirement age.
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