What Modern Retirement May Look Like

September 15, 2019

The state of retirement in the United States will likely vary from those before us. With future generations being smaller than the ones before it, and with 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 a pension, this makes social security 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 isn’t 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 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. Best 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 not-for-profit part time work, or volunteering, can help with not just your finances, but your mental and physical health too. If you find solace in hands-on projects, you can take up various crafts to sell online. All you have to do is find a hobby you enjoy and continue with 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. However, younger generations just don’t have the money to buy big houses. As such, for them, it’s easy to downsize. If you’re considering modern retirement, you can always take heart; many people prefer city life to the suburbs. Living small? It may not be that hard.