Modern retirement looks quite different from what it used to be. Retirees themselves offer the best proof of this change. Previous generations might have embraced quiet golden years, but current statistics paint a different picture. Before the pandemic, two-thirds of retirees chose bridge employment and stayed active in the workforce.
Modern retirees are creating their own rulebook, and their experiences offer practical lessons for others. The old retirement playbook has become outdated. Anyone planning for retirement or already there should understand what truly works in today’s world.
Life expectancy has changed retirement planning fundamentally. Men now live an average of 21.4 years and women 23.8 years after retirement at age 62. So, many Americans will spend more time in retirement than they did in school.
The traditional pension system has gone through a complete transformation. Only 20% of civilian workers participate in defined-benefit pension plans now. Seven out of ten pre-retirees think they face more retirement challenges than their parents and grandparents did.
The retirement world keeps changing with 57% of Americans planning to work at least part-time during retirement. This change shows both financial needs and a desire to stay active, as remote positions let retirees keep flexible work schedules while managing their retirement funds.
People reaching retirement age are finding that staying active means more than taking occasional walks in the park. Research shows that 65% of Americans want to start a business at the time they reach retirement. Retirement has become a launch pad for new adventures rather than a finish line.
Modern retirees stay involved in various ways:
Taking online or classroom courses
Learning musical instruments
Pursuing photography or arts
Semi-retirement has become a prominent choice. Many people choose to reduce work hours instead of stopping completely. This approach provides financial stability and makes the transition into retirement smoother. The numbers show that 37% of Americans say working helps keep their minds active, while 36% believe it maintains their physical well-being.
Technology has become a powerful ally for retirees and provides innovative solutions for health monitoring and financial management. Health-tracking devices let seniors monitor vital signs, while tools like CarePredict track daily activities, sleep patterns, and detect falls.
Retirement tech tools you need include:
Password managers for organizing login credentials
Calendar apps with voice command capabilities
Digital file storage for important documents
Health monitoring apps synced with smartphones
Online banking and financial management tools help retirees handle their finances independently. These digital solutions provide convenience and improved security features that ensure peace of mind for tech-savvy seniors managing their retirement funds.
We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to see how we can help you Retire ”Your Way!”
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