Until very recently, the picture that would come to mind when thinking of the word “retirement” was essentially universal: retire at 65, move to Florida and live comfortably off your pension while spending your days playing golf. Cut to the present day, where the concept of retirement is rapidly evolving, and we find ourselves asking, “What is retirement anymore, anyway?”
"I think the word 'retired' needs to be retired," says financial writer Kerry Hannon in her 2012 book, Great Jobs for Everyone 50+. "Baby Boomers are either continuing to work much longer or approaching work not as an afterthought, but as a pillar of their retirement plans.”
For example, many older people are continuing to work — some out of choice, some out of necessity. "Unlike many of our parents," says Hannon, "most of us don't have pensions to fall back on to fund not working for a decade or more." For example, today’s 60-year-old might reasonably plan to work for at least part-time for another 15 years. Working in retirement or delaying retirement are quickly becoming the norm.
As we ponder the concept of retirement we must realize that the concept of retirement is constantly evolving. Nothing is permanent. As older people stay in the workforce longer, we’re seeing various social dominoes fall — for example, employers having to make new decisions like whether to hire younger people or older ones.
For more, see this report from NPR.
