What is the new 65?

With new technology and medical advancements, what used to be considered mid-life has now stretched from age 40 to 60. What then is the new 65, i.e., the arbitrary time for retirement? The answer depends upon the one you’re asking? 

If you are posing this query to those in the corporate world, keep in mind their competing in today’s global marketplace.  They’re looking at head counts, medical claims, salary ranges and productivity. Loyalty and time accrued factor less and less in their priorities. For most businesses, the new ideal 65 is 55.   

 If you’re a financial planner reviewing the portfolio of today’s baby boomers, you might say 80 is the new 65 because most boomers have not set aside sufficient funds for the golden years and will be required to work longer to meet their financial needs.  Even if you’re 65 and have planned well for your future years, you may not be ready to sit in a rocking chair on the front porch.  You’ve learned and experienced a lot and would like to continue to use this expertise to benefit others.  Those in that category might say that the new 65 is 75. 

Go figure 

No matter how far along you are on the continuum of life heading towards your 65, you’ll want to evaluate your status.  Then you can figure out your strategy so you’ll stay on track or get back on course.  Perhaps these questions will get you started.

  • Should you be starting to save or be saving more?
  • Are you on target to reach your financial quests for college education for your children, travel to foreign ports, or a second home by the sea?
  • Will your skills continue to measure up or do they need an upgrade? 

These are valid questions at most any age, but let me ask one more.  If you could do whatever you wanted and had no restrictions or limitations, what would that be? You might want to give some thought to this one.  Are you already doing it? If you’re not, what would it take to get you started?  Remember, it’s never too late to begin.

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