| The conventional approach to retirement is that | | | | retirement' is what many people seek to have. |
| you work until you reach your 'retirement age'. | | | | Even, the average Joe who planned well can |
| The idea was that when you reach that age, you | | | | achieve financial independence by way of a |
| must retire until you expire. There also exists the | | | | comfortable retirement. |
| perspective that retirement is a 20th century | | | | According to statistics by LIMRA (Life Insurance |
| phenomenon that is changing in the 21st century. | | | | Marketing and Research Association), people who |
| It is difficult to deny that the concept of | | | | work longer live for a much shorter period in |
| retirement is changing. However, does that | | | | retirement. That may not seem like news, but |
| suggest that it will change to the extent that it | | | | LIMRA's study averaged that those who retire at |
| ceases to exist? | | | | 50 could expect to live up to 36 years in |
| More senior citizens are continuing to work | | | | retirement. Also, persons who retire at 65 may |
| full-time past the age of 60 (the conventional age | | | | survive only one year in retirement. This only |
| for retiring). Those who choose not to work | | | | suggests that retirement may become |
| full-time remain socially active and work part-time | | | | astonishingly shorter if all seniors decided to work |
| as well. 'Sixty is the new fifty' seems to be | | | | for a longer period. |
| axiomatic now. Further to these changes, there | | | | People are also living longer on average. Currently |
| are plans to reduce retirement benefits based on | | | | the average life span of a male in a developed |
| the burgeoning population of senior citizens. Still, | | | | country is around 78 years. The average life span |
| this merely suggests that retirement has changed | | | | for females is 81 years. These figures will plausibly |
| significantly. | | | | increase; suggesting that in the future, the |
| While retirement is typically voluntary, it might be | | | | retirement period for those who work longer |
| involuntary as well. It is often assumed that | | | | may still be considerable. Suggesting that seniors |
| humans have significant control of their own lives. | | | | will just work indefinitely erroneously assumes |
| Our planning is based on a degree of control | | | | that they will all have the ability and desire to do |
| indeed. However, life-changing events occur more | | | | such. |
| often than one would like. Death of a spouse, | | | | That there are plans to reduce state pension |
| illness and social circumstances can force people | | | | benefits or that retirement plans can take a |
| into retirement. | | | | beating with poor economic performance does |
| Individuals still look forward to falling out of the rat | | | | not indicate that retirement will soon be obsolete. |
| race and living comfortably. There are many folks | | | | That view hardly makes sense. There are many |
| who are not enamoured with the idea of working | | | | people who are being laid off in these times. With |
| indefinitely- particularly in jobs or careers that | | | | jobs becoming even scarcer in an economic |
| they do not enjoy. The notion that retirement will | | | | downturn, seeking work as a retiree is even |
| be obsolete is based on the idea that senior | | | | harder in difficult economic times. |
| citizens would choose to continue working. Those | | | | The economic downturn of 2008 and the plan to |
| who work beyond the 'retirement age' generally | | | | have retirees fund their own retirement (to not |
| do so out of necessity or to have a sense of | | | | be a burden on the State) indicate that retirement |
| purpose. | | | | might become more significant - not obsolete. |
| Planning for retirement is also about seeking | | | | Persons will also have to accept that planning for |
| financial independence. Retirement suggests that | | | | retirement is about achieving financial |
| you would no longer be at work. It hardly means | | | | independence. The concept of the golden years |
| that you would not have sources of income by | | | | and what the 'retirement age' is might change |
| having money at work or a financial system | | | | significantly. However, to think that retirement will |
| working for you. Technically, a 'comfortable | | | | be obsolete soon is to indulge your imagination. |