I read the following article and came to the realization; this is not my Mom and Dad’s world anymore. In one generation, retirement has completely changed. Almost everyone I know who is “retiring” really isn’t “retiring”. The Federal Government is telling them, “You’re 65 now, it’s time to hang up your spurs”, but that’s not what they’re doing. Sure enough, we baby boomers are starting to collect our Social Security, but we also can see that Social Security alone is not going to be our saving grace. Not only are we living longer than most of our parents, but our expenses are much greater.
So many seniors are faced with having their children move back into their homes, helping them pay off their student debt, or paying it off for them, and not having enough money in a pension fund that will last as long as they are expected to live. Therefore, many seniors are being creative in their retirement. They are supplementing their income by continuing to work in some capacity, and they can do this because they are in better health and physical condition than their parents were in retirement.
The Boomers are having to forge the way and learn new ways to survive once they have taken that step to actually retire, but from what I am seeing and reading, we Boomers are resilient and inventive, and we’ll get it done. If nothing else, hopefully, our children and grandchildren will learn that saving for retirement their whole work life, and taking care of themselves physically and mentally is utmost in living a long, healthy life.
How Baby Boomers Will Change The Way Others Retire
“The rapid evolution of retirement in America shows no signs of slowing. The World War II generation (or The Greatest Generation) often lived in the same house until they either died or were moved to a nursing home, but this is now far less common. Baby boomers have continued to forge new ground and explore new lifestyles in this period of their lives, as technological and medical advancements have provided them with many more alternatives in how and where they can spend their time.”
Read more at Investopedia.com