Traditionally, retiring entails leaving the workforce permanently. However, experts found that the very definition of retirement is also changing between generations.
About 41% of Gen Z and 44% of millennials — those who are currently between 27 and 42 years old — are significantly more likely to want to do some form of paid work during retirement.
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This increasing preference for a lifelong income, could perhaps make the act of “retiring” obsolete.
Although younger workers don’t intend to stop working, there is still an effort to beef up their retirement savings.
It’s ok! Don’t ever retire! Just work until you die, preferably not at work, where we’d have to deal with the removal of your corpse.
“traditional pensions” is a misleading lie. The idea of ceasing to work after reaching a certain age, has been around since around the 18th century, quite new stuff considering how long homo sapiens is around.
And don’t get angry at me, I personally think it’s a great thing, I’m not an entrepeneur, I’m salaried and I’m hoping to retire eventually, but how the world economics is going, I’m not holding my breath.
Retirement plans worked great during the wars, lots of fine men never reclaiming their retirement money after years of paying for it because they’re all KIA. More money to share with fewer people.
Then, after the war, we got the baby boom, lots of fresh meat eager to work to support the retirement of the previous workforce, or what remains of that, after all the PTSD and diseases.
Now? Since you are reading this here on Lemmy, I’m supposing you’re tech savy, educated and curious. So you already know population is shrinking around the (first) world. Retirement plans as we know are not sustainable.
What I suggest, is talk to your bank, your consultant, your insurance. Figure out what kind of products they offer as “private retirement plans” and what’s their suggestion. Don’t expect the government to do something for you (especially in the US).
Do it yesterday, if not possible, then as soon as you can. The earlier you start planning your future, the better.
And if you change your mind, you could always withdraw that money and buy a house, which is something almost impossible until you escape the “living paycheck to paycheck” mentality.
Were you speaking towards a SEP/IRA?
When everything is said and done, I can’t see them ever ever letting Social Security fail, at all. That would truly be the spark of a revolution if so.
Older voters are the best voters, so at the end of the day they’ll make sure that stuff stays intact, one way or the other. Even if it means they have to build less battleships, etc.
you know? that’s actually a valid point.
Living paycheck to paycheck isn’t a mentality… But pushing personal responsibility for what is a societal issue certainly is.
I can agree with you. Thankfully I live in Europe where it’s good ethics for politicians thinking about societal issues, but in the “land of the free” that’s a luxury most people don’t expect. So help yourself.
Trying to get the “Who watches the Watchers” crowd to reform themselves is always a problematic thing to do.
The real test of a true democracy.