I read somewhere that on average many people are living over 20 years after they retire and this got me thinking that many of these people are going to be broke putting it straight.
When looking back at the past say, 50 years, life has changed dramatically.
Women working became the norm.
Having a bachelor degree turned into no more than high school diploma.
Employment behaviour changed and people began changing their careers and in some cases changing their careers many times during the course of their working lives.
I am one of them, I started out doing administration work in the comfort of an office and then changed later on working in criminal justice, working with substance misuse teams across London UK.
With all these changes with employment and careers behaviours, many people still think that our retirement is going to look similar to our parents.
Well surprise, surprise, this is not the case and unfortunately, retiring today is a lot more difficult than it was say 50 years ago, and you don’t even have to look back that far to see these changes.
Let’s look at a few reasons for this.
We are told that our retirement funds have to last longer than they used to.
We are told that today people are living longer and this has a significant impact on what our realistic retirement will look like.
Now because we are living longer, our money has to now last longer.
There are many stats that say that we are living longer, but unfortunately the pension funds do not last as long.
I read somewhere that on average many people are living over 20 years after they retire and this got me thinking that many of these people are going to be broke putting it straight.
I am just keeping it real.
Retirees Returning Back to the Workforce
This means that many retirees are going to have to go back to work or do some form of creative accounting.
In all seriousness many retirees are going to have to return back to the workforce and this may mean:
- Starting a business
- Working part-time
- Become a consultant
Rising Healthcare Costs
Now with rising healthcare costs and many retirees needing more long-term healthcare.
For many people as they get older they will need to pay more attention to their health and this could mean more visits to the doctors, seeing more specialists, and in some cases may need long-term care.
Healthcare costs are on the rise and this just adds to the cost of living. Which only adds to the strain on the finances, retirees and the family.
Financial Advisers Recommending Alternative Methods
This is partly why many financial advisers are recommending alternative methods for supplementing retirement income.
People who are Retiring Today or Who Are Close to Retiring
Let’s also take a look at the Economic Seesaw.
Again unfortunately for those seniors that are retiring today or even those who are close to retiring are going to be hit extremely hard by the so called Great Recession.
You may remember the last so called Great Recession, where many people saw their investment savings diminish, whilst the value of their homes plunged.
Whilst at the same time the workers that where in their 50’s and 60’s were some of the most affected by layoffs during the leanest years.
This makes it extremely difficult for many seniors to fully recover. They would have lost months if not years of income and are forced to tap into their retirement savings early and many would have to start again from scratch.
Now that has got to hurt.
Interest Rates Low
We can see all around in the financial world that the interest rates are still quite low, which has negatively affected returns on traditionally low-risk investments.
This all means that pensioners today are working against a really tough economic situation that they have no control of.
The Sandwich Generation
Today many retirees are still supporting their own children.
The Recession did not only affect retirees it also affected many young people who were graduating from college or university because now they are struggling with unemployment or worse being underemployment in other words, earning a lot less that will negatively affect their earning potential for years.
Also many retirees find themselves stuck in the middle of their own parent’s healthcare and their children’s financial struggles. Becoming the Sandwich Generation.
In many cases retirees find themselves having to welcome their children back home after watching them fly the nest some time earlier.
This also puts added strain and stress on finances that may already be stretched and definitely makes saving any money for retirement nothing more than a dream.
Retirement these days can seem much more difficult that it should be.
We need to start becoming creative with our time and find resources that will help make the transformation into retired life easier.
My Thoughts
Today we need to have some sort of plan going into retirement because today retiring does not necessarily mean stop working for many of us.
So putting all of the above into consideration many of us need to start taking action and remember that it is never too late to get started in creating a better lifestyle.
The best and easiest way is to start an online business but this is going to come with it’s own challenges such as re-training and learning new things and of course putting in the investment of time to do this.
But in my opinion this is well worth the effort because the rewards are limitless with the right platform and people to help.
What are your thoughts?
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Here’s the tough truth you probably already know.
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The question is where?
That is your decision to make right now.
Thank you for visiting
I really hope that you found this article helpful.
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Here’s to making it happen
Jennifer
Smart Laptop Lifestyle
