Here are a slew of ways in which your golden years probably will not resemble those of your parents.
It happens to all of us — one day, you’re in high school or college and dreaming of a limitless future. The next, you’re signing up for AARP and nervously wondering if your nest egg will remain uncracked long enough to sustain life throughout your suddenly imminent golden years.
Although the concept of retirement remains largely unchanged, how you live out those years has shifted dramatically. Following are seven key ways in which your post-work life is likely to differ sharply from that of your parents.
You’re more likely to delay your retirement date
A growing number of Americans appear to have reached the same conclusion: Dreams of sipping colorful drinks on a deserted beach are just going to have to wait a while.
In a quarter-century, the percentage of workers expecting to retire after the age of 65 more than tripled, from 11 percent in 1991 to 37 percent in 2016, according to the Employee Benefit Research Institute.
However, don’t get too discouraged by these numbers. Recently, American workers have become a bit more optimistic about their ability to retire early. The percentage of workers who plan on postponing retirement has dropped from 22 percent in 2013 to 13 percent in 2016.
Even more interestingly, the percentage of workers who actually retire after age 65 — as opposed to simply expecting to do so — remains more modest, rising from 8 percent in 1991 to 15 percent in 2016. And studies have shown that a substantial percentage of those who plan to work after age 65 will do so because they enjoy their jobs.
You’re more likely to live downtown than in the suburbs
The stereotype suggests that retirees want a quiet home in the country, undisturbed by the noise of modern life.
The reality is quite different. In fact, retirees are flocking to urban centers to live out their golden years. AARP cites a report from TenantCloud, a property management software service, revealing that about one-third of all urban applications are for renters who are older than 60.