Working in Retirement
Treat yourself to an enjoyable retirement
Many adults approaching retirement age may think that they should focus on accruing more savings and spend less money, but a new strategy proposed by planners flips the whole notion of a quiet 60s upside down. Experts from T. Rowe Price say that boomers may want to consider getting out and spending their money in their early 60s. Some could even end up with bigger savings for it.
Though this may seem too good to be true, AARP says its not. The real crux of the matter is that you have to keep working past your early 60s. This likely won't be a problem for many people since statistics have shown the majority of people are planning to postpone their retirement age past 65 anyway, allowing them to delay cashing in Social Security and to grow their savings.
"Your 60s should be a time when you start to enjoy yourself more," financial planner Christine Fahlund told the publication. "Take more trips. Spend time with the grandkids. Buy the boat or put in the pool you've been dreaming of."
The number of older workers has been on the rise recently. According to the Bureau of Labor Statistics, between 1977 and 2007 the number of employees over 65 grew by 101 percent.
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The retirement plans of many baby boomers took a hit when the recession struck. Some were concerned they'd have to push back the date when they'd leave the workforce and others were worried about whether they'd be able to live the active lifestyle they had long envisioned.
There's no denying retirement is different than it used to be. In years past, it wasn't unusual for workers to leave their job all at once and settle into a relaxing life after employment. That's not the case anymore, as many people found it difficult to jump from a fast paced work environment to the more relaxed atmosphere of retirement.
Not long ago, it seemed unusual for older workers to stay on the job past the traditional retirement age, but that expectation has changed considerably more recently.
The concept of a retirement test drive has become popular over the last several years.