What Modern Retirement May Look Like
Written by: 
Lauren Ward |
The future state of retirement in the United States will likely vary from those before us. With current generations being smaller than the ones before them and life expectancy rising, the current system of social security may not be able to deliver on a retirement in your golden years. As fewer companies keep employees long enough to qualify for or even offer a pension, social security benefits are more important than ever. What should you keep in mind for this shifting landscape of retirement?
Age of Retirement
The age at which you retire may be older than the generations before you. Keeping in mind that many demographics are now seeing a rise in life expectancy, this may not be that harsh of a problem; the goal for saving for retirement means saving enough that you can live comfortably until the end of your lifespan. If life expectancy is rising, it almost makes sense that the age of retirement rises as well.
Working Through Retirement
It may seem strange to leave one job to get another one, but not all jobs require the same amount of time or effort. Better yet, the fact you’re working for a bit of supplemental income means that you can find something you really enjoy. Studies have found that having a purpose in life helps with healthy aging and mortality, so finding a non-profit or fulfilling part time work, volunteering, or pivoting to a completely different second career can help not just with your finances, but your mental and physical health too. If you find solace in hands-on projects, you can take up handmade crafts to sell online. All you have to do is find a hobby you enjoy and find a way to monetize it. For some, this could be woodworking, costume crafting, painting, and much more.
Downsizing
Most people that reach retirement often find themselves downsizing their homes, cars, and other large expenses. For people that have lived in the same house for decades, often in a place where they raised children in and have many extra rooms, this means selling it in favor of finding a smaller place. A place such as this is easier to take care of in your golden years, and you get to keep it to yourself. You may find that living small is much easier than you expected.