Revising Retirement

Many of us have an idyllic vision of what retirement will be like—endless days of relaxation and recreation.  But the rules of retirement are being re-written. This will come as no surprise given the changes in our culture and nation’s economy during the past several years.  It may also be a little unsettling to some, as there was some comfort in the knowledge that, after decades of working, you could retire and enjoy your remaining years in peace and tranquility. But there are reasons why baby boomers might not ride off into the sunset as previous generations have.

1. Retirement can be boring. It may be great for a while, but many miss the challenges that came with employment.  Besides, you can only play golf or tend to your garden for so long, and traveling can cost a lot of money.  Then too, while expecting to fill too many days in the company of loved ones, it may become clear that they have their own routines and commitments.
2. Funding Retirement.  We hear often that many retirees haven’t planned properly for retirement—nor does the current state of the economy, during the past several years, bode well for being able to have enough money to do the things you want to do. According to a recent survey, more than 80% of retired or soon to be retired baby boomers plan to do some type of work, in some capacity, during their retirement
3. The increasing cost of health care.  This alone is reason enough for people to forestall retirement, especially now that pension plans are becoming a thing of the past.  You may have to re-assess the manner in which you withdraw money from retirement funds, with the help of a financial planner.
4. The Social Security conundrum.  What will Social Security look like in the future, if indeed it survives. I believe that it will, but the shortfall is a little scary and it’s just something else to weigh on your mind, for those approaching retirement years.
5. Lifetime workers.    Yes, they do exist.  I personally know someone who claims he will never retire, and he  plans to work for the unforeseeable future. Others retire, and after a year or two re-enter the workforce on a part time basis—while some transition from a full time job to a part time position—one that relates to their knowledge and expertise.
6. Innovators.  A 30 year retirement is no longer out of the question. Medical advances have improved our chances for living longer and healthier lives.  Given longevity, there are those who want to enlarge their capacities and look for ways to continue growing—in a completely different field.

Do most people want to work full time? No. The golden years may not be so golden on your body. But people still want to work and enjoy the flexibility of working on a part time basis—giving them the opportunity to enjoy their retirement and to spend more time with friends and family; or engaging in their favorite hobby.

Americans are renowned for their strong work ethic.  Today, there are so many things to consider when we think about what we call “retirement “. Those with creativity will plan well.