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Retirement used to be pretty simple.
When you hit a certain age, usually 65, youd just stop working.
Then youd spend the rest of your days relaxing maybe playing golf, or just taking it easy.
That was the traditional idea ofretirement, and it didnt change much for a long time.
Each generation is redefining what retirement looks like to them.
But they also are facing challenges when they make a run at reach that goal.
So what does retirement look like now?
When do Americans todayexpect to finally start this new phase of their lives?
Heres a look at the survey results.
Of those surveyed, 37% want their retirement to be totally different from what their parents did.
Most of them want to have amore active and adventurous retirement.
Others are envisioning a more minimalist lifestyle or even being more nomadic.
Our research revealed that 4 in 10 Americans want a retirement that looks different than their parents or grandparents.
The Age when Americans Expect To Retire
Peoples visions for what their retirement will be are shifting.
But they all have similar expectations about when theyll retire.
That hasnt really changed.
This is pretty consistent across generations.
Whether theyll actually be able to retire at that age may be a different story, however.
Many Americans dont expect to get the retirement they want.
According to the survey, about a third (32%) think theyll never get to fully retire.
And 6% dont think theyll be able to retire at all.
They think they just wont have enough money to ever stop working.
A traditional approach to retirement is going to focus on just your daily living expenses.
Remember: Everything is going to cost more in the future than it does now.
If you live 20 or 30 years after retiring, you need your money to last that whole time.
Your savings need to last, said Smith.
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