Retirement is Changing

Retirement is changing - will your plan keep up?

People are spending more of their lives in retirement than ever before. That means retirement nest eggs of current workers may have to last longer than the funds amassed by their parents. Odds are that you’re going to spend more time in retirement than you did in school, even including college.

Today’s average 60-year-old can expect to live more than another 20 years, according to the National Center for Health Statistics. Younger workers may have even more retirement time on their hands as medical advances and greater awareness of health issues lead to longer life spans. Longer life spans are just one factor contributing to a change in the way we think about retirement - and perhaps a change in the way you plan for yours.

New retirement realities demand new thinking
For many people, longer, healthier lives make retirement an opportunity for renewed activity - a chance to open a business, go back to school, travel, or concentrate on a favorite hobby. But a more active retirement may have a higher price tag than the traditional retirement. So, the basic guidelines for retirement income - about 70% - 80% of your pre-retirement income - may not be sufficient. For example, what if you need to cover the start-up costs of a new business, tuition expenses for continuing education, or a grandchild’s college expenses?

There is another new retirement reality that will affect your financial needs as well: More than ever, workers are responsible for meeting their own retirement income needs. Traditional employer-funded pension plans are being replaced by voluntary savings plans, such as 401(k) plans, that require employees to make their own contributions.

Investing for your unique retirement goals
Are you doing all you can to build your retirement fund? Start by working with your financial advisor to determine how much you’ll need for retirement and to choose appropriate investments. Be sure to contribute as much as you can to your retirement savings plan at work and consider funding a Traditional IRA (individual retirement account) or Roth IRA. You’ll also need to review your investment choices regularly — are they still appropriate for the retirement you envision? Your financial advisor can help you decide.

Once your goals are defined and you’re going forward with plans to reach them, you’ll be well on your way toward making your retirement dreams a reality.

This information is for general educational purposes only.
Seligman and its representatives do not provide tax, accounting, or legal advice. Any tax statements contained herein were not intended or written to be used, and cannot be used, for the purpose of avoiding US federal, state, or local tax penalties. Please consult your own independent advisor as to any tax, accounting, or legal statements made herein. Retirement plan withdrawals made prior to age 59½ may be subject to taxes and a 10% penalty.

This information is authorized for use only in the case of concurrent or prior delivery of the offering prospectus of the Fund. You should consider the investment objectives, risks, charges, and expenses of a Fund carefully before investing. A prospectus containing information about a Fund (including its investment objectives, risks, charges, expenses, and other information about the Fund) may be obtained here. The prospectus should be read carefully before investing in a Fund.

Effective November 7, 2008, J. & W. Seligman Co. Incorporated ("Seligman") was acquired by and became a wholly-owned subsidiary of RiverSource Investments, LLC, which is a subsidiary of Ameriprise Financial, Inc. As a result of the acquisition, Seligman's investment advisory contracts were transferred to RiverSource Investments and Seligman Advisors, Inc., a subsidiary of Seligman, was added as a principal underwiter and distributor of the RiverSource mutual funds.

Seligman mutual funds are distributed by Seligman Advisors, Inc., member FINRA, and managed by RiverSource Investments, LLC. Seligman Services, Inc. provides services to fund shareholders. Seligman Advisors, Inc. and Seligman Services, Inc. are wholly-owned subsidiaries of RiverSource Investments, LLC. These companies are part of Ameriprise Financial, Inc.