Retirement Has Changedby Mary on February 23rd, 2017
Today’s retirement can look very different than it did for the generation that retired thirty years ago. With most people retiring later, living longer, and easing into semi-retirement, these Golden Years aren’t much like those of yesteryear.
At a glance, it’s easy to see why
People are living longer.
In the 1980s, life expectancy for men was about 80 years of age and for women 84. Today, men are expected to live to 91 and women to 94. That means more time for leisure, but also the need for more income.
People are putting off retirement.
More people are delaying retirement instead of automatically leaving the workforce at age 65. Some might say 65 is the new 55! Many people simply like to work and wish to contribute more to their field. Others continue working to increase savings to draw on at retirement.
Social Security and Pensions cover less of retirement income.
Thirty years ago, Social Security made up 65% of a retiree’s pension. Today that number is just 27%. Today there is some uncertainty as to how Social Security will be structured for future retirees. Companies used to provide pensions that, when combined with Social Security, could support a retiree comfortably. Many of today’s retirees make up the difference between their Social Security income and pension with funds from a 401k withdrawal or a low stress, part-time job.
Retirees are more active.
Retirees of today are less inclined to have a do-nothing lifestyle. Instead, the tendency is to work part-time or volunteer, take up new interests, socialize, live and eat healthier. Taylor Morrison’s active living and age-qualified communities, including those you will find featured in this website, provide amenities and activities to meet these lifestyle expectations.
With so many changes, retirement today invites more creativity to make the most of the years in your life, and the life in your years.
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