What Does Retirement Look Like Today?
What does retirement mean? According to Merriam-Webster it is the act of withdrawal from one’s position or occupation or from active working life. If you are no longer actively working, then you have to have a way to provide for the life you are used to living. If you are used to a lavish lifestyle and are ready to scale down, then at the very least you need enough set aside. You have to make sure you have a place to live and food in the refrigerator and perhaps the occasional round of golf or a trip to the seaside or countryside.
In 2016, people aged 65 and older accounted for just 15% of the population in the United States. Retirement is becoming something that more and more of the American public will have to face and more of them at one time than we are used to. The demographic of 65 and older is growing. By the year 2060, they are expected to make up more than 24% of the population.
Folks who reach retirement age may want to put their feet up and relax as they have a guaranteed nest egg, but that is not the case for all. Not everyone has budgeted and invested accordingly. Four in ten workers in the 2017 Retirement Confidence Survey (RCS) reported that they or their spouse have not saved money for retirement.
When retirement age does roll around, many people seem to want to downsize and enjoy the idea of having less chores and cleaning while still maintaining a great quality of life. A whopping 38% of Americans are considering downsizing once they retire.
The RCS also showed that 44% of respondents have been considering what they will be filling their time with when they are retired, and 38% were estimating the amount of money they would be receiving from their Social Security benefit at their planned retirement age.
For many, it seems that retirement is shaping up all right, but there are still large portions of the population that need help getting to their goal of actual retirement. Being retired should mean you can enjoy life, not having to find a part-time job or get a low paid task driven enterprise so that you can afford medical care.
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