What has happened to retirement? It wasn't that many years ago when everybody understood what retirement meant. However, retirement as it use to be – the end of your working life and the beginning of a life of leisure – is no longer.
In the last five years, retirement has taken on a whole new meaning, and people 55 and older are trying to figure out what's next.
First, there needs to be a new name for this stage in life. "Retirement" no longer fits because it does not reflect what happens during this 20 to 25 years of extended life. More and more of the people I am talking to are thinking about what they want to do while they are active and healthy. They want to know the facts about this extended period of adult life.
Here are some reasons I'm hearing about why people are deciding to work in reitrement. They:
- Need to build their savings because they can't afford a retirement lifestyle.
- Enjoy their work and/or interacting with coworkers
- Want to do something that interests them, keeps their mind alert, and is meaningful.
- Like to stay active and learn new things.
The Center for Retirement Research at Boston College's recent research discovered only about half of households are where they need to be financially to maintain their current standard of living when they retire at 66. However, if they delay retirement until they are 70, 86 percent will have a comfortable retirement lifestyle.
Another report Working in Retirement: A 21st Century Phenomenon, the following facts about working in retirement.
- 75 percent of workers over 50 expect to work during some of their retirement years.
- One in five workers over 50 has a retirement job.
- A majority work full time.
- About one third choose self-employment as their retirement work.
- 10 percent say they will continue doing the same work as their current job until they die.
- Most of those interviewed are satisfied with their lives, jobs, workplaces, and enjoy their work during their retirement years.
- Older workers work hard and don't "coast" until they stop working.
- For many, a part-time job is ideal (consulting, freelancing,and tutoring are popular choices).
- Working is a way to maintain cognitive health by keeping your brain healthy.
As your life lengthens, working even just a few extra years may be your key to a sense of well-being and a secure, comfortable, and meaningnful retirement.
What do you think about working in retirement? Comment below about what you see as the benefits of working longer?
Until next time,