According to a survey, as many as 69% of Americans wish to live to 100.
Respondents who want to live to 100 gave many reasons, including enjoying life, being curious about the future, and having much to accomplish. Only 6% wish to live longer because they fear dying.
Retirees said the ideal retirement length is 29 years.
Some who wish to live longer say they wouldn’t want extra years if they were sick, a burden on their families, suffered cognitive decline or had no purpose in life.
The New Retirement
According to the survey, pre-retirees (those 45 and older who aim to retire within the next 10 years) and retirees see retirement as a time for “relaxation.”
Today’s retirees have more opportunities to stay engaged, reinvent themselves, and enjoy their freedom at this phase of life. But at the same time, they face challenges, particularly around their health, financial, and life purpose issues.
The survey also found blurred lines around what people believe marks the start of retirement.
Fully 34% indicated that the new chapter begins with the end of full-time employment; 22% with Social Security, a pension, or both; 17% with abandoning a job or career; and 17% with financial independence.
Some 10% said retirement starts at a particular age.
Pre-retirees’ and retirees’ retirement plans reflect this evolving definition. About 59% want to work in some way in retirement, 22% want to work part-time, 19% want to alternate work and leisure, and 18% want to work full-time.
Four Retirement Stages
The research described four new stages of retirement, each with its own set of expectations, objectives, and obstacles.
• Anticipation: 0 to 10 years before retirement
• Disorientation/liberation: 0 to 2 years after retirement
• Reinvention: 3 to 14 years after retirement
• Reflection/resolution: 15 years or more after retirement
The study identified four unique trajectories in the Reinvention stage, characterized by people’s attitudes and objectives, retirement preparations, and level of satisfaction with life in retirement.
The researchers discovered how decisions and tactics for living throughout the early and middle years of life might affect the retirement years, both negatively and positively, by evaluating the trajectory of these courses.
The four paths discovered in the research are as follows.
Purposeful Pathfinders: These retirees have the highest level of happiness. They are content, engaged, and productive, and they’re making a difference in an area that is essential to them. They’re best prepared for life in retirement; 78% reported being in excellent financial shape. They started saving for retirement sooner than any other group, on average at age 34.
Relaxed Traditionalists: These retirees pursue a more traditional retirement of leisure and relaxation after a smooth transfer and preparation. Some 81% retired when they chose, and while they’re the most open to relocation, they have fewer objectives for personal growth or giving back than Purposeful Pathfinders.
Challenged Yet Hopefuls: These retirees are busy and have concentrated on self-improvement, but their lifestyles in retirement are confined and uncertain due to insufficient financial planning. Half of those polled indicated they frequently worry about outliving their money, which dampens virtually all of their future expectations. They started saving for retirement later than the other groups, at age 45, and 54% have made early withdrawals along the road.
Regretful Strugglers: The largest group, these challenged folks are the least prepared for retirement, the most unhappy, and overall feel the least optimistic about life. About 43% said they’re financially worse off after retirement than while working; 59% have numerous regrets, and 42% believe life has dealt them a bad hand.
We’re witnessing the birth of a new retirement with unique stages and journey tracks for everyone. Successful retirees have had mainly happy, fulfilling lives and are looking forward to the years ahead.
Their emotional intelligence and hard-earned resilience can provide valuable counsel as tomorrow’s retirees strive to accomplish their retirement ambitions and dreams.
Early Action is Critical
The study shows that retirees who reported a higher quality of life took more actions decades in advance to prepare and plan across the four pillars of finances, purpose, family, and health.
The researchers outlined numerous measures that pre-retirees and those in their early stages of retirement might do to make the most of their retirement.
Financial planning is key, as the typical three-legged stool for retirement funding — pensions, Social Security, and personal savings — has grown even more wobbly, and unforeseen needs can develop in retirement.
Working Americans must strengthen the stool’s third leg: saving. According to the report, seniors started saving for retirement at the average age of 38, but they should have started saving nearly a decade earlier, at 29.
Other crucial pre-retirement measures include maintaining continuing health and preventive care, discussing retirement plans and goals with family and friends, and starting or extending volunteer activity.
They should also consult with a financial counselor, who can help evaluate current market conditions and construct a comprehensive financial strategy to better prepare for a 100-year life expectancy and the associated expenses.
Contact Information:
Email: [email protected]
Phone: 8777993433
Bio:
After spending many years studying information technology, specializing in web development, digital marketing, and search engine optimization (SEO), I enjoy applying my skills and experience in helping others achieve their goals online.
As a marketing specialist at Credkeeper, I help people get the most out of their online reputation. Your prospects perform Internet searches for your name before they buy from you. What they see on the first page of Google outweighs almost all other marketing! What do people currently see when they search your name on the Internet?
If you would like to know more about Credkeeper and what we can do for you, feel free to reach out to me!
Contact Information:
Email: [email protected]
Phone: 8777993433
Bio:
After spending many years studying information technology, specializing in web development, digital marketing, and search engine optimization (SEO), I enjoy applying my skills and experience in helping others achieve their goals online.
As a marketing specialist at Credkeeper, I help people get the most out of their online reputation. Your prospects perform Internet searches for your name before they buy from you. What they see on the first page of Google outweighs almost all other marketing! What do people currently see when they search your name on the Internet?
If you would like to know more about Credkeeper and what we can do for you, feel free to reach out to me!
