The Changing Definition of Retirement

Modern retirement isn’t all rocking chairs and games of bridge. In fact, retirement today looks quite different than it looked for our grandparents. Years ago, most people viewed retirement as a time of withdrawal or retreat, but that’s certainly not the case now.

For today’s retirees, a new set of phrases comes to mind, phrases like “third act,” “evolution,” and “transformation.” As you free yourself from former obligations, it’s a great time to take up new interests and capitalise on the wealth of knowledge you’ve accumulated during your career.

Retirement doesn’t have to mean just the end of something. With a well-planned retirement, your “third act” can be a highly productive, creative, and legacy-building part of your life. It can be a time to focus on your health and well-being, especially if you’ve prioritised others as you took care of your family and other responsibilities.

Let’s take a look at the changing definition of retirement.

Continued Learning

With decades ahead of you, you have plenty of time to continue learning and developing your skills. Some retirees and pre-retirees find themselves back in school, not because they necessarily need to earn degrees or take classes but because it’s life-enriching to continue learning and growing. 

With local classes and online courses from around the world, it’s never been easier to attain quality education. You can learn about new technologies, languages, literature, or anything else you’ve wondered about but haven’t had time to pursue. Your “third act” can be very liberating when you spend some of your time in the lifelong pursuit of knowledge.

Encore Job

If you’re not ready to close the door on working for a living, you might consider taking an encore job. Some people find that while they’re providing for their families they don’t have the luxury or flexibility of looking for a job they find fulfilling. Post-retirement, however, you can focus on getting a job that fills you up. 

If you’ve planned well, you can look at considerations beyond just “paying the bills” during your “third act.” You may want to cross over into a different industry or bring the experience and wisdom you gained in your “first career” to a new job among new people. Some people even start their own businesses once they have the luxury of taking the leap during retirement.

Volunteerism

With the skills and experience you’ve gained during your previous career, you’re in a great position to leave a legacy through volunteering. Whether you use your newfound time to volunteer on a regular basis or use your career knowledge to assist non-profit groups or charities, you can become a real asset to your community during your “third act.”

Liberated Leisure

What’s the defining characteristic of retirement? For many people it’s leisure. With your finances in order, you are free from the daily demands of working for a living. Your freedom can give you the luxury of coming and going as you please, being spontaneous, and making the most of your retirement years. 

Yes, it takes planning to position yourself so that all of these options can be yours at retirement, but people all over Australia are reaching their retirement goals and learning what modern retirement means in their own lives. Reach out to us if you’d like to discuss your own retirement plans or if you have questions about how to plan for a fantastic “third act.”