For many people thinking about retirement,or nearing “retirement age,” this definition doesn’t accurately reflect their plans for an active and rewarding lifestyle. People now see retirement as more of a gradual shift in lifestyle rather than a specific end point. Instead of working toward retirement,they are working to reach financial freedom,a point where they have accumulated enough wealth to live their ideal life without the need to continue working,so that they can define retirement on their own terms.
People are seeing life expectancies increase and are experiencing healthier years in retirement,and they don’t want to stop working,move to a sunny location and enjoy a slow paced life. They want to take advantage of their financial freedom by making their own decisions about retirement,which may include going back to school,starting their own business,or continuing to work in their same career. According to a 2014 Transamerica study on retirement,forty-two percent of Baby Boomers plan to work at least part-time after the age of 65. When you no longer need to rely on a full paycheck to support your lifestyle,you have the flexibility to balance your schedule in a way that works for you,according to a KC Star article.