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The New Retirement
Transitioning to a More Leisurely Lifestyle

How do you define retirement? The traditional definition of retirement is the point where a person stops employment completely (or decides to leave the labor force if he or she is unemployed).*

Today the definition of retirement is changing. A new word for retirement may be overdue since many people aren’t going to retire in the traditional fashion. A more positive definition for retirement would be to say that we are transitioning to a more leisurely lifestyle. According to the AARP, 68 percent of workers currently between the ages of 50 and 70 plan to work in retirement. Almost half of these people say that they plan to work into their 70s. While some people may continue to be active in their careers but work less hours, others may take a part-time job simply to pay the high cost of health care. The new retirement could even be a vehicle to fulfill an unrealized passion because we were too busy raising a family and caring for loved ones.


What Does All This Mean?

In 2010, the average American’s lifespan was approximately 77.9** — up 1.1% from 10 years ago. The secret to the fountain of youth may well be keeping our bodies and minds active. However, this longer life span creates a situation where we have to draw money from our savings as we transition and beyond. Someone who retires at 65 could potentially need to support themselves for 20 or 25 more years. Today the question isn’t about when can I retire as much as how long will my money last?

At DeVol Financial, we encourage you to get on the road to making your “transition” dreams come true. Please email or call us at 617.964.6404 for a free consultation. We look forward to hearing from you.

 

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*Wiki

** Centers for Disease Control and Prevention

 

 

 

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Check the background of this financial professional on FINRA's BrokerCheck