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This is NOT Your Dad’s Retirement

People have different attitudes and perceptions towards retirement than previous generations for various reasons – economic events, longer life spans, observing others in retirement, reevaluating their priorities, and readily available information regarding the road ahead, just to name a few. All of these factors have led many to discard the notion of their “dad’s retirement.” Here are a couple examples: My father, 83 years young, is back in the teaching force, while one of my dear mentors is 85 and continuing to add significant value to his firm. This reinvention of retirement has become a major issue confronting the 10,000 baby boomers that are reaching “retirement age” each day.

I have closely followed the yearly studies on retirement trends, opinions, and preparation. The 2016 Transamerica Center for Retirement Studies reported that “most workers plan to work past age 65 or do not plan to retire, citing reasons related to income and benefits, or enjoying their job.” Instead, employees are coveting a gradual transition that emphasizes both work and leisure. One of our clients has “retired” from his corporate position to help others live “life by design” –  a program built to inform other “retirees” of the options out there for them besides sitting in their BARCO lounger clipping coupons and trying to figure out how to pass their 30 years of Saturdays.

It is no longer possible to separate work from retirement. While it hasn’t always been this way, retirement is no longer strictly about money — however critical it may be. Whether out of necessity or fear of becoming irrelevant, the Transamerica study revealed that most of those approaching “retirement” want to work as long as physically possible.

Today’s retirees, and those soon to be, are very impatient when it comes to stereotypes about age. While money is most certainly a core concern, decisions are becoming more focused on staying engaged and partaking in meaningful work – regardless of the pay associated with that work. The modern definition of retirement is one that emphasizes purpose over leisure.

According to the Insured Retirement Association, boomers who work with advisors are more satisfied and better prepared. Here at Gainplan, we are planning focused. This is how we are able to achieve our goals of adding as much value as possible and creating clients for life.

The report from the Insured Retirement Association also points out that more retirees than ever don’t feel prepared for retirement, with most expecting to work well into their 70s. While this report focuses on the financial aspects of retirement planning, it illustrates the importance of having a clear plan —financial or otherwise.

Many people simply don’t want to retire, even if they can afford to. They see work as the glue that holds together their active and challenging life – believing retirement to be a time to break out of the cocoon, not go into one. An Employee Benefits Research report indicates that most people just aren’t that happy once they retire. While money was part of their reasoning, not having a plan for how to spend their time was another. Our goal is to do our best to help you avoid this feeling and to allow you to live a happy, leisurely retirement full of purpose.

 

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Gainplan LLC employees providing such comments, and should not be regarded as a description of advisory services provided by Gainplan LLC or performance returns of any Gainplan LLC Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Gainplan LLC manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

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Categories: Careers, Family