We’re long overdue for a redefinition of “retirement.” According to the U.S. Census, the percentage of Americans at the traditional retirement age of 65 or older has more than doubled since 1950—and, with the Baby Boomers reaching their golden years, that percentage is projected to continue to increase.
If you are among the 63% of Americans who are unsure about the sufficiency of their retirement savings, you may be wondering what you're supposed to do as age 65 approaches (or is already in your rearview). After all, the average Social Security payout of $1,177 is a far cry from the 80% of current annual income that the IRS recommends having saved to comfortably retire.
To make things even more complicated, the definition of “comfortably retiring” has changed over the years. Especially after COVID-19, we’re acknowledging that our health and relationships are the most important things in life. Retirement isn't about life on the golf course or walks on the beach for most people—it's about finding creative ways to stay financially stable, socially connected and a valued and contributing member of society.