Currently, about one in seven Americans is old enough to retire. For members of the baby boom generation who are approaching the traditional retirement age of 65, retirement is unlikely to follow the pattern of their parents and grandparents.
For one thing, advances in medicine mean tomorrow’s retirees will live longer. A 65-year-old today has a better-than-even chance of living another 20 years; one in three will live to age 90. As the length of the typical retirement stretches out, retirement assets will have to stretch to ensure that you don’t outlive your money just when you might need it the most.
Meanwhile, the very definition of retirement is changing. Today’s seniors are enjoying lifestyles that break the sedentary mold of previous generations. Instead of sitting at home reflecting on memories of past exploits—not that there’s anything wrong with that!—, they’re making new memories through travel, active hobbies, and philanthropic work. Naturally, all these pursuits cost money, but many members of the 65-plus crowd are staying in the job market as well, some to earn the extra income, but many simply find the work rewarding.
Retirement planning isn’t about retirement anymore. It means planning to keep busy with leisure activities and maybe even planning to work through your 60s and 70s. We’re here to help you plan that kind of retirement.
This article was written by a professional financial journalist for Preferred NY Financial Group,LLC and is not intended as legal or investment advice.