Today, people are reaching their 60th or 65th birthdays and they're beginning to think, "Wait a minute…I might have 20, 25, 30 years of life in front of me. It's a whole new chapter in life!"
Today, people are retiring from work but they're not retiring from a connected and purpose-filled life.
A study conducted by Edward Jones and Age Wave identified four key pillars that are redefining what it takes to live well in this new retirement.
We've found that focusing on all 4 pillars are key. They are:
- and Finance
These four pillars are intertwined…which really illustrates the need to think more holistically about planning for — and living well — in retirement.
People are living longer than they did decades ago, and as a result, they have more years in the retirement stage of life.
Retirees today find that health is often more important than wealth to live in retirement, So, it's really important to take those steps to improve both your physical and mental health where you can.
72%1 of retirees say being a burden to their family is one of their top fears, but 45%2 of American adults have not discussed their long-term care preferences with anyone at all.
So, think about starting those conversations now with your loved ones to help prepare and have a plan in place for the long term.
You can be 65 or 72 and decide you want to go back to school, or maybe you're living in retirement and you’re a little bored and want to work in retirement …but do something completely different...by choice.
Retirees want to spend their time in useful, rewarding ways. And they’re very capable of doing so, given their decades of life experiences. Having a strong sense of purpose can lead to a happier, healthier life.
As we all know, people focus on saving for retirement. OK, now you're in retirement. Are you prepared to manage your life, manage your finances, make tradeoffs? Should you go on that vacation you’ve always dreamed of, or should you help a family member buy a new house?
What about legacy? What about charitable giving? Understanding how to manage these tradeoffs is also key to a higher well-being in retirement.
The new retirement holds exciting possibilities and today's retirees have more choices and opportunities and freedoms than ever before.
The reality is living well in retirement isn't guaranteed. It requires a strategy to help you get there, which is centered around all four of these interrelated pillars.
If you're getting close to retirement, you can use these four pillars to support a fulfilling and meaningful way of life.
By addressing these and other issues, possibly with the help of a financial professional, you can set yourself on the path toward the type of retirement that's really not a retirement at all — but rather a new chapter.
1 – 2 The Edward Jones and Age Wave Thought Leadership Study, "The Four Pillars of the New Retirement," 2020.