What Does the Future of Retirement Look Like?
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Charles and Laura, both 67, recently retired and decided to relocate from Northern Virginia to the Shenandoah Valley. They enjoy the slower pace, quieter neighborhoods, and natural beauty of the serene mountains.
Their monthly income includes total gross Social Security benefits of $2,082 ($1,786 after Medicare Parts A, B, and D deductions). Charles and Laura also both collect small pensions, totaling $257 per month. Last year, their 2018 gross income was $30,000.
When moving, they downsized their belongings, paying a mover to transport the bare minimum, including their clothes, books, and bicycles. If things get tight, they plan to get part-time jobs. They feel fulfilled and blessed, and consider themselves rich in love, life, and friendships.
In another example, Jared and Rachel, both in their early 60’s, were mentally ready for retirement, but have been wary to take the plunge. They have pushed it off for a few years with an attitude that it will be “one year more.” When they retire, they want to travel and live comfortably. They have been concerned about the escalating costs of health care, the amount of inflation that might occur, and the fact
that they will never make the money that they are making now. They want to make sure that they are 100% comfortable with their financial situation before they retire.
If either of these examples are what retirement looks like now, will it look similar or very different for our adult children’s generation?
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