What Are the New Rules of Retirement? 10 Guidelines for Financial Security

Americans have changed a lot over the last 100 years – we live longer and have more active lives and our society and financial structures have evolved (and, in some cases perhaps, devolved).  However, many of our ideas about retirement and retirement planning come from previous generations. These ideas are ill-suited to today’s realities.

1. Technology Can Give Everyone the Help They Need

Baby boomers need help figuring out how to retire.  This is the first time that masses of people are retiring without a pension.  What’s worse?  High levels of debt, lack of sufficient savings and a tricky economic climate can make retirement planning seem almost impossible.

And, where are you supposed to get the help you need?  Financial advisors are expensive and they can never sufficiently answer all of the many questions we need answered.

The solution?  Some technology — like high quality retirement calculators, detailed online information and services like robo advisors — can help everyone access the detailed modeling you need to assess where you stand, discover ways to strengthen your finances and make better decisions about your money and when, where and how to retire.

2. You Need to Plan for Longer and Healthier Lives

Perhaps the best news of a “NEW Retirement” is that you are likely to live significantly longer and healthier than your own parents.

In the 1950s, people retiring at age 65 lived until 78. Today’s retirees can expect an average lifespan of 83 or 84 years – which means that half of you will live even much longer than that.

While it is great that you are living longer, your expanded lifespan means that you need more money for retirement:

  • Your retirement savings will need to last longer
  • Your overall health-related costs will be higher now than ever before
  • You will need to plan for different phases of retirement – each with its own financial requirements
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