How have you recently thought about the phase of life commonly known as ‘retirement’?
North American society has viewed retirement in much the same way for the past seventy-five years. Most think that retirement falls at the end of work and is rewarded for many years of a life’s work.
This view of retirement, as described by Age-Friendly Business, may suggest that:
- You retire because and when you are old.
- You retire because you can no longer contribute to the workplace.
- You retire because you are taking a younger person’s job.
- You retire to take your reward of happy leisure in your golden years.
However, Mitch Anthony in his book, New Retirementality: Planning Your Life and Living Your Dreams at any Age You Want, Wiley, June, 2008, suggested that:"everything we thought we knew about retirement was wrong:that we needed a New Retirementality. Today, we are facing a very different kind of retirement—fewer pensions, escalating healthcare costs and inadequate savings are causing many of us to fear that retirement will come much after than expected or may not happen at all."
Moreover, as a result, according to the American Association of Retired Persons (AARP), 85% of today’s baby boomers now expect to work when they retire from their present jobs. That also means that just 15% of boomers are looking at traditional retirement, with no work and twenty-five or thirty years of prolonged leisure.
This all suggests that the concept of retirement must be redefined. It is quite likely that the word retirement as we know it today is disappearing within this generation. That doesn’t mean that some North Americans will not retire in the traditional sense. However, there will be many who will not leave the workplace or who do not seek a life when they don’t work.
The new version of retirement, therefore, consists of creating meaningful lifestyle goals and the strategies to achieve them, and especially the financial plan to achieve these goals.
Retirement becomes much more of a journey rather than a distant destination.
This article was provided by Brian Porter, Director and Owner of Living Assistance Services
For advice about seniors and care at home, please kindly contact Brian at 416.483.0070 (office), 905.758.2486 (cell) or [email protected] and visit www.livingassistance.ca
