The recession has yet to fully free the country from its King Kong grip. Retirement time shrieks and shrinks, as another 5 years is stamped onto paycheck stubs. The SunAmerica Retirement Re-Set Study, shows retirement years are being pushed back because of the recession and a monumental change in retirement attitudes, called Retirement 3.0.
SunAmerica claims, “The recession made people angry, worried, and damaged their sense of security—but now a rebound is underway.”
Before the recession, 62 percent of pre-retirement and retiring Americans were “hopeful” of their situation. This dropped to 50 percent during the recession and is back up to 60, now that the recession is supposedly on an upswing.
These attitudes have impacted when people want to retire. In a self-report scenario, respondents reflected on what age they wanted to retire ten years ago. The consensus was age 64. Today, those same respondents expect to retire at 69 years old. The recession changed a perspective on retirement age and finances.
Financial goals post the great recession are more about having a “peace of mind” and less about “accumulating as much wealth as possible.” This is dubbed Retirement 3.0.
This new Era is described as “a productive, purposeful and challenging new chapter in life— blending work and leisure—with opportunities for personal reinvention and continued social engagement.”
Retirees are more likely to work and play in this new period. Think of it as the roaring 2010s. It has all of the fun loving aspects of the roaring twenties, accept you may have to work a little longer.