A global mega trend shaping retirement is the notion that people are living longer lives
With innovation and advances in science and technology, we are moving into the future as life expectancy reaches new heights. Thus, the need to redefine how we invest for retirement in the 21st century is vital. This means that folks need to start saving at a much younger age and saving much more than anticipated. As we live longer, we might also work longer. This is why long-term planning is more critical than ever before to avoid financial strain.
How long will you live?
Thinking about a new relationship between work and retirement in the 21st century is crucial. Retiring at age 65 and possibly living until the age of 95 means needing sufficient income or assets to support yourself for those additional 30 years. Can you afford this?
We need to rethink retirement
Including work and everything else in between. Of course, working longer might reduce the need to save as much since your income would continue. Working longer can also suggest that you would remain socially engaged and physically active.
Longer work lives may imply a need for further education
What you learned in high school and college is unlikely to remain forward-thinking knowledge as moving into your 60s, 70s and beyond. It makes sense that schools and universities are beginning to offer lifelong learning programs. Training in new technology, the digital marketplace and new ways of thinking along with employee wellness plans could become even more critical.
Let’s explore the silver lining of longer living
As you live longer, you might launch a new career or try out that entrepreneurial spirit if you’ve spent your entire adult life working as a corporate executive. Perhaps traveling abroad or taking up a new hobby and living to see your great, great grandchildren are opportunities that a life of wellness and longevity can bring.
Van Leeuwen & Company cares about your future
In this century, it is essential to paint a life vision that meets every phase of your lifestyle standards in light of longer living. Van Leeuwen & Company can help craft a vision with longevity in mind, also addressing those later chapters in life so that you and your family are well-prepared.
This material is for general information only and is not intended to provide specific advice for any individual.