Living Longer, Planning Smarter: Redefining Retirement Today

By 2060, the average life expectancy in the U.S. is expected to reach 85.6 years. This means retirement could last a long time. Planning for it is crucial.

Retirement today is not about sitting idle

Many retirees are staying active, pursuing hobbies, volunteering, and even working part-time. These activities keep them happy and healthy.

• 60% of retirees feel emotionally great
• 34% get bored

Make the most of your retirement

1. Think about your interests

   • Travel
   • Go back to school
   • Start a new business

2. Stay active and engaged

Health is another big factor

Many retirees think they'll be healthier than they actually are. It's important to take care of your body and mind.

• Exercise
• Good food
• Mental activities

Social connections matter too

Retirement can be a great time to reconnect with old friends or make new ones.

• Volunteering is a great way to stay active and give back to the community.
• Studies show it can even lower the risk of health problems like high blood pressure.

Money is a big part of retirement planning

• The average 401(k) balance is around $137,800
• The average IRA balance is $131,366

Experts suggest saving 15% of your salary each year. The more you save, the more options you'll have in retirement.

• Delaying Social Security benefits until age 70 can also help. This way, you get the largest possible monthly benefit.
• But remember, Social Security might run out of funds by 2034 if Congress doesn't act.

Working longer can be a good idea

If you love your job, talk to your employer about part-time work in retirement. This can help you save more and stay active.