With a longer retirement you can take the time to explore your interests and hobbies. Unsure of what that may look like? Here are four opportunities you’ll have during retirement
Longer retirements aren’t a burden; they’re an opportunity to live 20 – 30 (or more!) years of your life pursuing passions and hobbies. We’ve compiled a list of the four ways you can use this time.
1. If your career is your passion, then you’re not alone
Although 65 has traditionally been known as the retirement age in America, research from the Transamerica Center for Retirement Studies shows that 82% of workers in their 60s expect, or already are, working after age 65 and don’t plan on retiring any time soon. And while the prevailing media narrative is that Americans are being forced to work longer, many people are working because they want to.
2. If you want a change of pace, you could pick up part-time work or a second career
It’s a great way to stay sharp and make more money to put towards retirement or increase your Social Security benefit. If you’ve already retired officially, a new job can keep you active and make sure you have an extra income coming in the door.
3. Longer retirements also mean more active retirements
Physical activity contributes significantly to increasing your quality of life, especially in older age. A study of about 650,000 people over the age of 40 revealed that being active and of healthy weight was associated with an additional 7.2 years of life, compared to being inactive and obese. Staying healthy and relatively fit is important for now and later.
4. Your assets have more time to grow and benefit thanks to compounding interest
While your market-based assets shouldn’t be the primary source for your basic spending needs (we suggest income annuities or enrolling in the Personal Pension to protect you from outliving your savings), they are great for providing you with discretionary income that you’ll want to spend on the good things in life.