The story goes like this: A couple in their early 60s scrimped and saved, and retired to their dream home in France. But eight months after they arrived at their chateau, the couple was miserable. They missed their friends and clubs back home. They missed working, and lounging around all day was costlier than they expected. So they moved back to their old lives. The moral of the story: Retirement ain’t what it used to be.
According an AARP survey, at least 80 per cent of Baby Boomers expect to continue working past the age of 65, and half of retirees say they’re worried about running out of money. Even the word “retirement” is outdated, says Hugh Delehanty, editor of AARP Publications.
Jeri Sedlar, co-author of “Don’t Retire, Rewire!” says these changes in society mean we have to start looking at retirement in a different way.
“You’ve got to lift your head up and see how much longer people are living, and staying engaged in life, and think about what you want from your future,” she said.
So, if the old model of retirement is out, do those in their 20s and 30s still have to save? Yes experts say.
“You have to look at this as an opportunity, and not a problem. Saving isn’t giving up something else; it’s putting away for tomorrow,” Sedlar says.