People are living longer and having far more active old ages than ever before. But great as this is, it presents a problem: outliving your money. And women are both doing more — and worrying more.
Needless to say, this is a relatively new phenomenon. For generations, retirement was regarded as a time of frugal living — and oftentimes involved living with family. But nowadays, retirement is widely regarded as a time for travel, for activity, for independence — and as such, far more expensive. Women are more active — or planning to be — but, as a result, also more concerned about outliving their savings. According to a Bank of America Merrill Lynch study, says Reuters,"The vast majority of affluent baby boomers, the more than 75 million Americans born from 1946 through 1964, believe their retirement will be more active and prosperous than that of their parents, a quarterly Merrill Lynch survey of 1,000 Americans with at least $250,000 in investable assets found." But they'll also probably be living much longer — and as such, will need to be able to fund this lifestyle.
Not surprisingly, a lot of people — up to 70% — plan to work far longer than in the past to help support themselves. And one can only hope the professional market-place — and retirement policies — keep pace with these shifting demographics. Everyone deserves some relaxation after a lifetime of hard work. But, if they want it, they also deserve employment.