The New Retirement Rules

Welcome to the New Retirement Rules.

Times have changed, and how we look at retirement have changed along with them.  Remember when people retired and just stopped working?  I can.  I know people who spent a lifetime working for companies like NCR, IBM or Purina and retired from that company.  They enjoyed and expected job security for life.

But, job security is a thing of the past.  Anyway, I don’t know anyone who has retired in the past ten to twelve years and stopped working at something.  It may not be the same work they did before retirement, but it is work never the less.

If you are thinking about retiring, the old rules don’t apply to you. There are not many companies that offer a defined benefit retirement plan now and few people that will work for a company long enough to qualify if one is offered.

The days when a person would spend his entire working life with one company are long gone.  Politics, the economy, business globalization and a whole raft of poor business decisions may be to blame.  But the fact is change has arrived and we have to deal with it.

For better or for worse – mostly for better (my opinion) – the retirement game has changed. It’s time to start playing by the new rules.  It’s time to start winning!  But we need to know what the rules are.

The Old Retirement Rules:

>·    People could count on Social Security making up most or part of their retirement income.
>·    Some large companies offered lifelong company pensions for a lifetime of service.
>·    Retirement meant kicking back on the porch or going fishing.
>·    The defined benefit plans and Social Security meant letting someone dictate your financial future.

The New Retirement Rules:

>·    Planning and investing for your future is in your hands.  Social Security is no not a certainty anymore and most company retirement plans are in the toilet.
>·    Congress has given us a lot of tools (401(k)s, 403(b)s, IRAs, etc) to help build our retirement streams.
>·    People are living longer and staying engaged in life.  We are looking for ways to stay active, involved and busy.  For most of us that means changing careers, not just quitting work.
>·    Retirement is a time for taking control of your personal, professional and financial destiny.   For many of us, that means continuing to work at things that we love to do and earn and income at the same time.  The internet offers endless opportunities for engagement and earning.  Or we move into consulting or doing contract work or make a favorite hobby a new career.  The sky is the limit.

There’s More to Retirement Than Money.

And money cannot buy happiness.  But not having enough money in retirement can bring a whole lot of anxiety, stress and misery.  I know several people who retired years ago, but for one reason or another, have re-entered the work force mostly because of money issues.

So, rather than just make do with what you have.  If you are retired, or you are thinking about retirement, take your future into your own hands and look closely at the New Retirement Rules.  Do your research, make a plan and follow your plan.

Once you make a plan and take control, you will have a blast at whatever you are doing.

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