One of the big investment firms conducted a survey of investors who had a minimum of $250,000 in investable assets. They found that many in their 60s or even 70s had a new way of viewing retirement. It’s no longer just about the numbers.
Shifting perceptions of age were among the survey’s more striking findings. Fewer than half of respondents in their sixties and seventies consider themselves old. Most people define old age as beginning at 80, when they expect to be unable to live alone or drive a vehicle.
This may explain why 9 in 10 respondents expect their retirement to unfold in three stages over 30 years. In the first, they see themselves working less, starting new businesses or being more involved with philanthropy. In the second, they’ll focus on travel and leisure. In the last, they’ll cope with health issues and the loss of independence.
We see this all the time. People who leave big companies to start their own business, or become consultants. We know of one who sold his business to join a band and play at public events. Others who become involved with local foundations and endowments. Who travel to exotic places that they did not have the time to visit during their working careers. And finally, when physical infirmities catch up with them, find a retirement community, possibly near their children, to spend their last years in the company of their contemporaries.
It’s knowing how to deal with this “new” retirement that sets the RIA who specializes in this area apart.
If this describes you, get a copy of Before I Go, and if we can help, let us know.