Longevity in Retirement

Great article from Ric Edelman the #1 independent Financial Advisor in the Nation 3 times, ranked by Barron’s. 

“2. Longevity will change the way we approach retirement.

If we're going to live to age 100, the notion of retirement at 65 is impossible.

Economically, most people will never afford to be able to do a 40-year retirement.

Second, you're not going to want to. At 65, you're going to be healthier than your parents were when they were 65. In fact, due to medical innovations, by the time you're 95, you'll be healthier than when your grandparents were 55. And so, you're going to want to be active and contribute to society. And you're going to need to make money at the same time.

So this notion of “retirement” will be replaced by going to school, going to work, and then going back to school to get new skills, to get more training, to stay viable in the marketplace. And then, you'll take a two or three-year sabbatical—forget about a 2-week vacation—you'll take years’ long sabbaticals, and then you go back to school for more training, go back into the workforce, and the cyclical life of school-work-sabbatical will be how you live until you are age 100.



This requires an entirely new set of thinking about our approach to money and career and college and family in a way that is unprecedented.”

Source: https://www.morningstar.in/posts/69398/retirement-4-ways-longevity-is-going-to-change-everything.aspx