William Schantz Explains Changed Retirement Perspectives Post-COVID
The COVID-19 pandemic has been a time of extreme crisis and drastic changes across various fields. More than anything, it has impacted the way people think and feel about life, relationships, finances, careers, and a lot of other things. Experiences and expectations are still evolving as there are numerous opinions about the global pandemic and how there will be others like it in the future. More than anything, these events have altered people’s opinions about retirement planning, William Schantz notes.
Several questions currently circulate in communities and society in general. Has the pandemic impacted the way people plan their savings? Have retirement expectations changed after the pandemic? How long are people willing to work as a result of the economic circumstances that COVID-19 has created? These questions and many more continue to trouble experts and plague people with retirement plans.
Encouragement to Increase Retirement Income, William Schantz Analyzes
Research and focus group discussions revolving around the central idea of people’s altered ideas about retirement has shown that there certainly has been a shift. Some individuals have begun to try and grow the income that they plan to make after retirement. This includes working beyond the retirement age in more flexible workspaces that can allow them to accomplish retirement objectives.
During and post-COVID, working environments changed drastically. Remote working environments are becoming common which ultimately enables people to work for longer hours. Almost everyone wants a decent life after they retire and the only way to do this is through savings or investments. However, it is unfortunate that not every person is in a position to save for the type of life that they desire. This leads some to even make risky decisions like hasty investments that are not planned William Schantz explains.
William Schantz States How People Should Match Income and Expectations
Post-retirement income and expectations for people should fall in line with one another according to William Schantz. Failure to do this can lead to stress and other mental health problems at a time when they are least needed. If a person wants to enjoy certain perks, they should evaluate how they are going to generate sufficient income right now and after they retire, to live that kind of life. Prolonged working lives are not always the solution.
There are certain benefits that come with working more, for a longer period of time, and saving more but that doesn’t work always. Postponing retirement can add to physical and mental strain because the human body can only endure stress up to a certain point. Still, people, in general, are ready to accept this sacrifice for the rewards that they might draw later. Moreover, there are people who plan to retire early to mitigate the effects of the COVID-19 pandemic.
Conclusion
William Schantz asserts that retirement is inevitable. The global pandemic though has incentivized people to think differently about plans after they retire or cannot get work. These vary between individuals. Those with the means to retire early want to do so in order to spend more time doing the things they love. Others are motivated to work for longer and save more.