It used to be that retirement meant never working again and going off to enjoy the sunset on a tropical beach in paradise. Now, however, retirement has been redefined and many “retired” individuals aren’t really acting like the stereotypical retired person. Many people are still working after retirement, and some people are even launching into new careers altogether.
Net Worth TV Show has looked at the ways retirement has been changing, and how people who are retired are doing more and more even later in life than ever before.
More and more people are now working through retirement. It can almost be considered early retirement if you retire at 65, as more people are regularly working into their 70s, whether because they want to or they need to. Whether it be working part time to make ends meet, or needing to go back to work full time after being retired for a few years. More and more people are finding they simply cannot afford retirement.
On the contrary, Net Worth TV has found that there are a lot of people who choose to continue working in retirement because they enjoy it. Many people have been leveraging their experience working and turned it into new business ventures. In fact, on the hit show Shark Tank, a pair of retired grandmothers were pitching a new business idea to the sharks.
Helping Out Their Children
Other individuals are finding out that they need to help their adult children. Just when they thought they would be cruising the Mediterranean, their kids have other plans for them. Whether it be taking care of the grandkids since daycare costs are exorbitant, or allowing their adult children to move back into the house because they can’t get a solid job to pay the bills on their own.
These changes in retirement are becoming the new normal for a lot of individuals. It used to be where the retired parents would move in with the children to make ends meet, but there has been a role reversal over the last few decades in which children are finding they need help from their retired parents to make it.
Net Worth TV looks at Dealing With Stress
Not long ago, when you retired, you were given a watch and started collecting your guaranteed monthly pension. You could truly be “retired” and not worry anymore. However, Net Worth TV with Terry Bradshaw has seen a trend emerging in that retirees continue to have a lot of stress, if not more than when they were actually working. They are worried about a myriad of issues, most relating to whether they will have enough to last until retirement.
The trouble is that the rules on retirement have been changing over the past 20 years – where there are actually no rules at all. The guarantees of yesteryear are gone, and people are having to cover their retirement expenses themselves, and that’s stressful. Retirees are finding it hard to gauge if their pensions will be there when they need them, and if their 401ks will have enough money, or how much will healthcare costs rise.
All of these issues lead to stresses for retired people.
Finally, since retired people are having to work longer than they intended, the only reason that they are retiring is because they are no longer healthy enough to work. By the time this happens, they are usually too old to enjoy the original vision of retirement – travelling the world, going on vacation, and more. By the time they retire, their health has already started to go, and they are unable to do the things they always looked forward to in retirement.
These health issues can also take a financial cost on the retirees that they probably didn’t think they would have to face. Healthcare has continued to rise in costs, and as a result, more and more people are in financial jeopardy due to their health. This isn’t something that was planned for when today’s retirees started thinking about retirement 20 or 30 years ago.
img credit: Romance isn’t just for teenagers… by Ed Yourdon, on Flickr.