The changing face of retirement

Here's what we've noticed

July 27, 2017

One of the greatest rewards of working in wealth management is seeing our clients’ dreams come to fruition. While we help families through all stages of life – often working with multiple generations – we frequently support clients as they plan for retirement. It’s something we’re passionate about and very capable of, thanks to our wonderful in-house team and the extended team of experts we work with at Scotia Wealth Management.

Our dedicated group has spent many years in this business, and we’ve helped a lot of clients retire when and how they want to. What’s really interesting is how the concept of retirement has changed.

No two people have the exact same needs and goals, and that’s why personalized financial planning is so important. That said, there are often consistencies in discussions of retirement. Clients want stability. They want to live comfortably and be able to afford their preferred lifestyle. They want to have more money than they’ll need – not less – and eventually leave the legacy they desire. But when does retirement fit into your life, and what does it look like? Here are some changes we’ve noticed over the past 30 plus years in wealth management.

The span of retirement has gotten longer.

Retirement used to be a small window near the end of your life. You were expected to work until your mid-sixties, retire from your career (or adapt to a spouse’s retirement) when you hit the standard age, and live another decade or so. Now, people retire when they want (with careful planning to get them there) and live longer. Retirement can span decades of your life – perhaps 30 years or more! – and that requires planning that encompasses a longer timeframe.

People are choosing to work longer – even after retirement.

While some people cannot wait to walk away from their jobs, others truly enjoy their professional lives and find a lot of purpose in working. These people may choose to work past age 65, either full-time or part-time, in order to keep their mind active and their quality of life high. Others choose to explore a new career in retirement. This is not only common, but often a fantastic idea! If you enjoy working, why not keep busy and continue to earn income in your senior years? Talk to us about what your goals are – we can help.

Retirement doesn’t mean sitting around.

The traditional image of retirement meant playing cards in a bungalow or retirement village – possibly in a warmer climate – while sipping a glass of sherry. You might join a book club or spend time in the garden, but life was pretty routine and you’d stay close to home. Not anymore. Retirees lead active, exciting lives that would make any 30-something jealous. Between professional opportunities, personal projects, volunteerism and travel, retirement can look however you want it to. And, if you’ve decided to retire early rather than extend your career, you may be more “middle-aged” than “senior citizen” at the onset of retirement. Just make sure you plan well in order to maintain your lifestyle well after your working years are over – however many years that will be.

Your retirement income has changed.

Whether you want to enjoy a traditional retirement, hold a part-time job or to travel the world, retirement income is not what it used to be. The government and employment benefits available and/or commonly offered to individuals have changed, and therefore, people need to save differently. Pensions aren’t as commonplace as they once were. Living expenses have also changed, including housing and healthcare costs, and women in particular need to plan carefully for the future.

Mailey Rogers Group can help you attain the retirement you desire – just start the conversation, and we’ll get you there. Thanks as always for reading, and please pass this article along to a friend or colleague who may enjoy it.