Why You Need to Rethink Retirement
Mentioned below are the three most important reasons why you need to rethink retirement in 2020. Go ahead and give them a read!
Retirement Will Definitely be Longer Than You Assume
When the Social Security Act was first passed, its designers happened to select 65 as the retirement age. Now, according to the National Center for Health Statistics, the life expectancy for a person who was born in 1935, when the act was passed, was somewhere around 62. Over time, life expectancy increased dramatically, but, our perception of retirement, in the sense of not having to work, has remained the same. Thus, it is high time we adopt a new way of thinking about retirement – one that happens to accept the fact that people are living longer and healthier than ever before.
Retirement Isn’t a Destination
One of the biggest problems when it comes to retirement is the fact that we are encouraged to view it as a ‘destination’. This is the core reason why we end up planning for it like any other milestone. If you do a quick search for ‘retirement planning’ on Google, you will find out that it returns thousands of websites that help you determine how much money you are required to save before you retire. What you won’t find on those websites is practical advice on how to build the skills you need to make money in your retirement.
Now, if you are 55, you can max out your 401K plan and save as much as you can. However, at the same time, wouldn’t it make sense for you to start developing the skills you will need to make money from your skills and passions after you leave the workforce?
Retirement Isn’t About Aging Gracefully
Knowing how we will behave while in retirement are our ideas of what was born from popular culture. However, we should be able to have the freedom to define what is important to us in retirement. If you choose to build additional sources of income to support your passions in retirement, shouldn’t that be celebrated?
Some people might choose to live adventurously, profitably, or rebelliously. More and more people who are starting to enter into their 60s need a new way of thinking when it comes to retirement. One that happens to encourage people to leverage and enjoy their passions, live comfortably, and express themselves individually.
This brings us to the end of our discussion on why you need to rethink retirement. Now, do let us know some of your thoughts and opinions on the subject.