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.