{"id":604801,"date":"2026-08-26T04:12:21","date_gmt":"2026-08-26T04:12:21","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/604801\/"},"modified":"2026-08-26T04:12:21","modified_gmt":"2026-08-26T04:12:21","slug":"3-retirement-rules-that-no-longer-apply-like-they-did-for-your-parents","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/604801\/","title":{"rendered":"3 Retirement Rules That No Longer Apply Like They Did for Your Parents"},"content":{"rendered":"

\"Discover<\/a> PeopleImages \u00b7 iStock.com <\/p>\n

The typical path to retirement used to be straightforward. You worked for 40 or so years while saving along the way, then eventually left the workforce to enjoy the nest egg you built over the years. However, for many, retirement isn’t playing out the same way. <\/p>\n

A Western & Southern Financial Group survey<\/a> found 45% of retired Americans still work in some paid capacity, while another 19% are open to returning to work. At the same time, 69% of adults 50 and older worry they haven’t saved enough to retire comfortably, and 57% aren’t confident their savings will last the rest of their lives. <\/p>\n

For those approaching retirement, it could be time to take another look at retirement accounts and financial strategies. Here’s what today’s retirement reality looks like. <\/p>\n

Retirement Doesn’t Always Mean Leaving the Workforce <\/p>\n

Retirees can choose to work after retirement<\/a> \u2014 and many do \u2014 both out of preference or financial need. <\/p>\n

According to the survey, retirees associated working after retirement with both financial considerations and lifestyle preferences. Among retirees who have returned to work or would consider returning, 33% said it would be a financial necessity, while 62% said it would be a personal choice. <\/p>\n

Earned income can also change when and how much you withdraw from retirement accounts, as well as tax considerations. Fidelity reported<\/a> retirees generally use their investments to fill the gap between expenses and other income sources. Continuing to receive a paycheck could reduce how much retirees need to pull from savings. <\/p>\n

In a separate article, Fidelity noted<\/a> taking withdrawals from a traditional 401(k) or IRA while working, which are generally taxed as ordinary income, could increase taxable income and push you into a higher tax bracket<\/a>. <\/p>\n

Retirement Savings Aren’t Providing the Security Many Expected <\/p>\n

The Western & Southern survey found many Americans age 50 and older were uncertain about whether they saved enough to comfortably retire; approximately 76% said inflation<\/a> and rising costs were a major concern. <\/p>\n

If you’re still in the workforce, this could be a good time to build up your retirement savings before retiring. Survey respondents stated they would feel financially secure in retirement if they had $500,000 in savings<\/a>. <\/p>\n

The “magic number” varies from person to person. The survey suggested that those nearing retirement can review how much they’re contributing to employer-sponsored plans and consider whether increasing those contributions could help close the gap between what’s saved and what they expect to need. <\/p>\n

Social Security May Not Feel Like the Safety Net It Once Did <\/p>\n

Fifty-five percent of respondents claimed uncertainty about Social Security influenced how they think about retirement. <\/p>\n

According to the latest projections from the Board of Trustees, the surplus in Social Security’s trust funds will run out in 2034 unless Congress takes action, the Social Security Administration (SSA) reported<\/a>. At that time, only 83% of benefits would be payable. <\/p>\n

The SSA also noted<\/a> Social Security is only one part of a retirement plan and that, on average, benefits typically only replace about 40% of pre-retirement income. Savings, pensions and other income sources should help cover the rest. <\/p>\n

This article was provided by MoneyLion.com<\/a> for informational purposes only and should not be construed as financial, legal or tax advice. <\/p>\n

More From MoneyLion: <\/p>\n","protected":false},"excerpt":{"rendered":"PeopleImages \u00b7 iStock.com The typical path to retirement used to be straightforward. You worked for 40 or so…\n","protected":false},"author":2,"featured_media":604802,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,256331,61,60,174,175,1830,1615],"class_list":["post-604801","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-financial-considerations","tag-ie","tag-ireland","tag-personal-finance","tag-personalfinance","tag-retirement-savings","tag-social-security"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/604801","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=604801"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/604801\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/604802"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=604801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=604801"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=604801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}