POSTED: Tuesday, January 7, 2014 - 6:08pm
UPDATED: Wednesday, January 8, 2014 - 11:18am
Tyler, TX (KETK) — The times are changing, and with that, so is the definition of retirement. Retirement once meant workers would finally enjoy nothing except relaxation in the sunshine, but lately it means these retirees are still working.
KETK spoke with a financial advisor from Rose Point Capital, Jay Oliver, who said, "They retire from their careers only to return to their same field, possibly as a consultant or as a part time position, with less responsibility and more flexibility in their hours". Whether this is by choice or necessity, there are many reasons for the transition. Oliver shared, "People are living so much longer now is one factor. Economic reasons are another, and people are feeling younger longer. So they have a desire to stay employed and active a little longer in the workforce than they have in the past".
This means the average age for retirement that once was 65, is now closer to 70. According to an Associated Press survey, 82% of those retiring, say they will work for pay during that time.
Much of this will depend on individual saving plans for retirement. Unfortunately, this is not something you can do over night. Oliver recommends, "Start early, be realistic about your retirement plans, know when you can safely retire, and know when you have enough money to provide income". Oliver recommends placing 10% of your paycheck into a savings or 401k account.