Desjardin Financial Security recently released its 8th annual Rethink Retirement(TM) survey and re-affirmed the notion that retirement ‘aint what it used to be’.
More than three in ten people between ages 53 and 62 said they were more than five years away from retirement, and only 23% hope to stop working completely once they retire. These two points alone re-affirm what UNretiredLife has been saying: retirement may have nothing to do with old notions – like stopping work completely. This phase of life is being turned upside down!
Transition to Retirement vs. Hard Break: The old paradigm of retirement saw people go from full time work to complete retirement. Today, more and more are taking a more phased approach and transitioning their work life. According to the survey:
- 16% of retirees continue gainful employment
- 8% of today’s workers (including partial retirees) were once fully retired before returning to work. This proportion rises to 42% among partial retirees.
- The main reasons for going back to work: needing more money for personal projects (46%) and wanting to counter the negative effects of economic situation on retirement income (29%).
Hmmm. “Needing more money for personal projects”. That last bit intrigues me. As per some of UNretiredLife’s earlier posts – boomers will not be retiring on the porch. They have plans, needs, aspirations!
While it’s no secret the economy has had an impact on Canadians’ nest eggs, that ‘personal project’ part echo’s some of the ‘meaning-seeking ‘ mantra of boomers and other research finding’s (SunLife Financial’s UNretirement Index released January 2009).
In Sunlife Financial’s UNretirement Index survey released in January 2009, “Nearly half of working Canadians said they believe they will be working past the traditional retirement age of 65. This is in sharp contrast to the average Canadian retirement age of 61 in recent years. Nearly all of those who expect to work beyond age 65 cite one or more lifestyle reasons, including remaining mentally active, enjoyment of their jobs and the interaction with their co-workers.”
Now don’t get me wrong: the financial side of retirement is and always will be critical to one’s success and fulfillment in their retirement years. I’m a huge proponent of financial planning (it’s a big part of my professional life!). But it’s not the only lens to view ‘what needs to happen to ensure success in retirement’. Boomers will continue to engage in work, career, and a whole range of activities for both financial reasons AND to derive meaning from their life.
….which opens up a whole new dimension to retirement planning doesn’t it? …and that’s why were are here :)….to help boomers vision and create their own version of retirement.
To your UnretiredLife!