Jeremy Keil and Steve Sanduski explore retirement trends by generation and examine what happens to financial planning when people start to live healthy routinely to age 100.

People are living healthier and longer, and it’s showing in the rising longevity averages in the United States. My guest in this week’s episode of “Retirement Revealed”, Steve Sanduski (Steve Sanduski Advisor Network) and I discuss how these trends and generational approaches are affecting the future of retirement and retirement planning.

To set the stage, let’s consider some historical data. Back in 1900, the average life expectancy was about 47 years. Fast forward to today, and we’re looking at an average in the upper 70s. While the COVID-19 pandemic temporarily reduced this figure, advancements in technology, medicine, and our understanding of health and wellness suggest that people will continue to live longer, healthier lives. In fact, it’s not unreasonable to expect that many of us will live well into our 90s, or even reach 100 in good health.

Steve sees this trend reflected in his own family. Both of his parents are in their 90s and still maintaining their health. Their experiences in retirement are quite different but equally enlightening. “My dad had a traditional retirement, leaving his job at 58 with a pension and never working another day for pay. He has enjoyed a long retirement, filled with personal satisfaction and stability.”

Steve’s mom, on the other hand, retired from her career but found she needed to stay busy. She took various part-time jobs for about 20 years, moving in and out of the workforce. This contrast highlights the varied approaches people can take to retirement, depending on their personal needs and desires.

At 62, Steve doesn’t see a traditional retirement on the horizon. Instead, Steve envisions a gradual transition, slowing down his work over time rather than stopping abruptly. Steve hopes this approach allows him to stay engaged and active, leveraging good health and passion for his work. Many people can’t wait to retire, but it’s crucial to consider what you’re retiring to, not just what you’re retiring from. Having a purpose or goal in retirement, such as spending more time with family, is key to a fulfilling retirement.

The traditional three-stage life model—learn, earn, and adjourn—is evolving. Today’s younger generations are adopting a multi-stage life model, moving in and out of various life phases. They might work for a while, take a sabbatical, return to school, or travel. This flexibility reflects changes in societal norms and economic conditions. Younger people today have witnessed events like the Great Financial Crisis and the opioid epidemic, shaping their views on life and retirement.

Understanding generational differences involves more than just looking at birth years. The cohort effect examines how shared experiences shape a generation. For instance, baby boomers grew up during a time of economic prosperity, while millennials and Gen Z have faced more economic volatility. Period effects, such as 9/11 or the 2008 financial crisis, impact everyone alive at that time, influencing their perspectives and decisions. Lastly, the life cycle effect considers how people’s needs and priorities change as they age.

Entrepreneurship is more accessible today than it was in the past. Steve shared an interesting story about how entrepreneurship was talked about when he was growing up. As a young adult, Steve internalized conversations about the meaning of an entrepreneur is that you simply couldn’t find a job. Today, it’s celebrated as a path to success and independence. More people, especially younger generations, are taking control of their financial futures by starting their own businesses. This shift is partly due to the decline of defined benefit plans and the rise of defined contribution plans, putting more responsibility on individuals to save for retirement.

While we should plan for a long retirement, we must also acknowledge the uncertainty of life. A poignant example is Jonathan Clements, a long-time personal finance writer just recently diagnosed with cancer at 61, with only 12 to 18 months to live. His situation reminds us not to delay enjoying life. Many younger people today are choosing to experience life fully, taking trips and pursuing passions while they are still young and healthy. This approach might mean working longer but ensures a balanced and fulfilling life.

As we navigate these changing times, it’s essential to stay flexible and proactive in our retirement planning. Whether you’re nearing retirement or just starting to think about it, consider how you can blend work, leisure, and personal growth throughout your life. Remember, retirement is not just an end but a new beginning. 

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