Lynn Bartlett of Bartlett Financial Services, a local financial planner, wrote a very relevant article about how retirement will be very different going forward than it was fo previous generations. We live longer, have fewer sources of income, and will have increased medical and living expenses. Many people will be forced to delay their retirement, or at least keep a part time job. Over the course of the next generation, the average age of retirement may shift to as much as 10 years.

Appropriately enough, she mentioned the fall in home values playing a role in changes in retirement plans. In the past, when it came to downsizing, retirees would make a sizeable profit from the sale of their home and use that as part of their retirement fund. Once the real estate bubble burst, that was no longer a good option for many future retirees.

I wish things weren't so hard on people once they inch closer to their retirements. I hope that it won't be so rough for future generations, but I think we have to change our expectations and get ready for a new norm.



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9 Comments on Retirement Redefined.

OCT
30
321,258 Points Localism Sponsor Outside Blog

Hi PAtty,

What we thought we would have has certainly change drastically for many.
7:18am • #1
1,028,048 Points 237 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Patty= a good one!  A changing housing market; older adults relocating because of the job market and not building up the equity that they used to; having to work longer; rising medical costs... it's not our grandparents or our parents' retirement any more!

Featured in Bananatude

Bananatude
8:03am • #2
857,728 Points 174 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

We are all definitely living longer and retirement isn't what is used to be.  When social security started people expected to live about 5-10 years past retirement.  These days it's easy to live 20-30 years past retirement.  It would be great if people could work longer and build up more money for retirement rather than relying on home equity.
8:59am • #3
226,413 Points Outside Blog Attended Rain Camp Called Shot Master

Patty - a good reminder for us all.  Bryan has is mostly right -- the other thing one should remember is that when Social Security was still young, there were about 9 workers for each person drawing Soc. Sec. - and now we are nearing only 2 workers per Soc. Sec. recipient, and the projections are that it will be at that level for many years to come.
10:40am • #4
1,324,604 Points 37 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Patty

When and how people has changed forever, and we are quickly moving into muilti generational housing.

Good luck and success.

Lou Ludwig
5:26pm • #5
847,767 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Patty,  A new norm indeed!  Retirement age will need to change if people don't manage spending and investing.  401K plans won't see big growth if invested in the stock market.  Equity in a home would be considered gravy ... not to be relied upon. There is a big shift taking place ... our children may live to see the results of the shift. 
8:13pm • #6
OCT
31
760,475 Points 69 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Of course there are those that bought way before we knew what a bubble was.  But retirement.  What is that?
3:29pm • #7
408,910 Points 13 Featured Posts Outside Blog Called Shot Master

I don't see my retirement anytime in the near future.... now, back to work!
4:19pm • #8
NOV
01
312,694 Points 17 Featured Posts Called Shot Master

 

Dan, for sure. Scary.

Kathy, definitely not, and we see it 1st hand down here in  S FL. Thank you!

Bryan, we have to start doing that. Our mindset just needs to change.

Steven, wow that’s a crazy stat.

Lou, I guess we’re becoming more European in that way….grandparents and older children living with you.

Kathleen, it’s all a cycle. Our children may see the shift and a few generations down they’ll see another shift. It’s crazy to think that far ahead.

Jane, I beliiiiiieve that’s when you stop working? I think I’d be bored out of my mind.

Kathy, back to work! LOL
8:09am • #9


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