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With different view of retirement, planning takes on another focus

December 11, 2013

Planning for retirement is much different than it used to be, and there are a number of reasons why. Longer life spans, changing expectations for senior living and a myriad of retirement living options have shifted what type of lifestyle older adults pursue after leaving the workforce. Given the changing view of retirement, wealth management expert Tim Steffen recently told the Charlotte Observer that older adults may want to take a different approach.

One of the biggest retirement challenges that's facing seniors today is that it is not unusual for people to live well into their 90s. That means their savings have to cover the retirement cost of living for a much longer time than in previous generations. In response to longer life spans, many older adults have taken to delaying retirement in favor of a part-time job that is less demanding. Not only will this provide supplemental income but it can also help older adults stay physically and mentally engaged. 

"It used to be at age 65 you stopped working and went and sat on the golf course every day," Steffen told the newspaper. "That's not the way it works anymore, and it shouldn't be that way. People should continue to be engaged and doing what they like to do and finding ways to be paid for doing that."

Even for older adults who don't need additional retirement income, volunteering has proven to be a particularly effective way to enjoy healthy aging. In fact, it has become such a popular option that the Corporation for National and Community Service has a tool dedicated to helping seniors find volunteer opportunities. Known as the Senior Corps, the organization helps connect adults 55 and older with the opportunities to donate their time.