Before the 19th century, there was no formal concept of retirement. People would work on the farms and in the factories borderline up until their last breath.
Or the advice used to be, “lead an absolutely quiet and uneventful life” once you stop working.
The average retirement age in the US has historically been 65. A lot of this is dictated by when individuals are eligible for Medicare or the initiation of their pensions.
Social security kicks in, for those who qualify, beginning at age 62. Granted you are locking in reduced benefits for the rest of your life, but it is an income stream.
However, the retirement landscape continues to evolve, and it’s time to think about your approach to this new phase of life, even if it seems far away.
As life expectancy continues to rise, the question is: What comes next for you? The traditional notion of retiring at 65 may no longer be suitable for everyone and you shouldn’t just accept that as the norm.
If you retire in your 50’s, there is a strong likelihood you will have a retirement that spans over four decades.
Are you ready for that?
Or maybe you actually like you job and see yourself working into your 70’s.
It pains me to watch many individuals reaching this phase unprepared and uncertain about what comes next. Instead of embracing a relaxing and enjoyable retirement, they find themselves anxious, worried, and hesitant to spend money due to the fear of running out of it.
They never took the time to just envision a life outside of the 9-5 job they dreaded. Maybe you have never even asked yourself, “can I afford to make a change?” or “If I could have any job in the world, what would it be?”
Not to mention a lot of us continue to be exposed to death at relatively young ages. It certainly makes you wonder if everything you are doing is worth it.
Saving money and accumulating assets should not merely be a means to an end; it should be about achieving financial independence.
Money is simply a tool to help us live a life we desire. We shouldn’t always be bound by the necessity for a job, additional income, or more “things”.
The true legacy lies in the way you make people feel, your influence in the community, and the lasting memories you create within your family.
Retirement plans should be more than just financial strategies. They should be a roadmap to a life well-lived.
Stop waiting. Have these conversations now.
Paint me a picture of what retirement looks like for you?
What is the impact you want to have on this world?
What type of lifestyle are you looking to live? Can you see yourself doing that for 20-30 years?
Do you want to travel?
Do you plan on moving somewhere else?
Would you consider working part time or for a charity?
The key is to reward yourself for the years of hard work. Retirement isn't just an endpoint; it's a new beginning.
Embrace the opportunity to craft a life that truly reflects your values and desires. After all, retirement is not about waiting until your 60s; it's about making it happen now and relishing in the richness of a life well-lived.
Disclosure: This material is for general information only and is not intended to provide specific advice or recommendations for any individual.