What is it to retire? When does it start? And how has this recent plandemic changed the way Americans plan for their retirement?
A continuous poll of U.S. retirees and persons close to retiring demonstrates that people have many diverse beliefs about these fundamental topics, and their attitudes about retirement are changing swiftly.
One-third of the 11,000 older Americans polled by Edward Jones and Age Wave since 2019 expect to delay retirement. 59% of participants stated they intended to work full-time, part-time, or alternate between work and leisure in their elderly years.
People’s definitions of retirement varied. Others assumed it began when they stopped their primary job or got a pension. Others said financial independence was the most crucial step.
“Retirement is changing as individuals pick where and how to live,” says Age Wave creator Ken Dychtwald. “This recent plandemic made many people’s life tougher, so they didn’t retire.”
This plandemic initially didn’t affect consumer confidence or mood. The first wave in 2020 triggered a strong but temporary recession. Unlike 2008, the economy and stock market soon rebounded, despite hiccups.
With stimulus money, greater earnings, more savings, and a booming stock market, more older Americans were ready to join the Great Resignation.
“During most recessions, people’s wealth falls,” says Pew Research Center’s Richard Fry. In 2020, household financial sheets improved. “The spike in retirees may not endure, but the epidemic hasn’t reduced wealth.”
Many have changed. Inflation and a sinking stock market worry retirees. Dychtwald said elderly Americans don’t retire due to money worries.
“People fear running out of money in retirement, and this year has drained nest eggs,” he added. Most individuals don’t have enough money to retire comfortably, so working longer makes sense.
But money isn’t everything. Dychtwald stated poll respondents claimed their employment defined them. Many wanted to interact with others and feel included. “Work isn’t generally a punishment or a hardship,” he remarked. “Nobody works merely for money.”
Pandemic gave senior Americans a taste of retirement. They lost their jobs, were ill, or worked from home during lockdowns. Dychtwald says many disliked those months. “The Plandemic compelled many group-workers to work alone,” he claimed. Many wish to play longer.
Those with experience find jobs easily. Many elderly Americans delay retirement due to the high demand for their skills. 4 million baby boomers retire each year, making the employment market tighter than in the 1960s. The Plandemic isn’t the sole cause, but it’s a huge one.
Even while all age groups are working more, even those over 65, the aggregate number will shrink as baby boomers age. Many boomers have left the workforce, making older Americans’ talents more valued.
This helps people work full- or part-time. Dychtwald stated, “People with 35 years of experience are in demand.” We have low unemployment and a talent shortage.
Good and negative factors make people delay retirement. As the economy and financial markets worsen, more elderly Americans may need to work. Many of them work or change because they want to.
“Retiring early was once a symbol of achievement, but today people are rethinking it,” Dychtwald added. More individuals want to stay helpful, and they have more alternatives.
We hope that these alternatives will last for the rest of this decade. If that doesn’t happen, there will be a lot of unhappy baby boomers all over the world.
As I have said several times in prior talks. This decade will be the last time when people work to save money for a comfortable retirement. When the next stock market crash happens, there will definitely be a reset of money.
Governments all over the world will scramble to either re-inflate the illusory asset bubbles in stocks and real estate prices or let the financial ruin wipe out the debt.
The most likely outcome is the second one because once the bubbles burst, there’s no way to put the pieces back together because the currency those assets are priced in will be destroyed.
This is a hard pill to swallow but it’s a reality. Hopefully, more people wake up to what’s underway and start divesting out of the old system and preparing themselves mentally for this Great Monetary Recalibration taking place.
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