Retirement isn’t what it used to be. Historically, individuals worked until their mid-60s and only expected to live for five or ten more years. Now, retirees are spending entire chapters of their lives in retirement—anywhere from ten to thirty years, depending on their health.
So, what does this mean for today’s retirees? Simply put, that there is considerably more to plan for. Not only do longer retirements require more income, they pose a number of personal challenges if not properly thought through. Unfortunately, many individuals spend more time planning what they’ll do on vacation than what they will do to feel fulfilled and satisfied for this chapter of their lives.
Life After Work
What many people don’t realize is just how many changes we will encounter once we leave the workforce. Despite its challenges, getting up and going to work each day provides us with:
- Predictable patterns and routine
- A sense of identity
- Social interaction
- A sense of purpose and fulfillment
- A sense of accomplishment
The key to a fulfilling retirement is replacing these fundamental aspects of your life outside of the workplace. Some retirees continue working until an older age, some plan a staged retirement that allows them to continue working full-time, and others still opt for the more traditional route.