Gen X and Y have “Retirement” RIGHT! Lifestyle Designing
It has been very interesting and inspiring working with more and more clients over the past couple of years who are in the 30-50-year-old brackets who have a very different view of “Retirement” and I believe they have it right!
Traditionally it has been viewed that retirement is when you pull up stumps and walk away from work to never return and you have 40+ hours a week extra at your complete disposal. Like many of my clients I share the same view of fearing retirement. The thought of getting up every day with nothing to go to scares them. “What the hell would I do?” is a very common response, my thoughts exactly. How would I fill my days in? Play golf 5 days a week? Please that would send me crazy!
So how does this differ from the traditional means of retirement?
One of the major differences is their view on longevity in the workforce. They are setting out to design their future with the end goal in focus like traditional retirement but with a very different outcome. The outcome for most of them is Lifestyle. They want flexibility in their work, i.e. maybe 3 days a week for 40 weeks a year from the age of 55 and this to continue for many years even up to 75. They understand that it would be very unlikely that they will have the funds to retire at age 55 and walk away from the workforce entirely, but they don’t want to be walking away entirely either. So, they want a balance in their lifestyle. They have more time for exercising, work on hobbies, spending time with family and friends, taking classes in cooking, languages, traveling or however they choose to spend those extra hours a week.
It is well known that Gen X and Y are more likely to change careers than any previous generation and therefore this works perfectly in their favour for the future. You may currently be a tradie on the tools thinking how the hell can I do this until I am 70. You are right, you probably can’t! But there is the power, we can have the ability to manoeuvre around industries easier than ever. The other thought is, will your industry even exist in 20-30 years’ time? No idea! (Will my industry be around in 20 years’ time??? No idea, fast paced changes are coming now, so it very well may not exist if Artificial Intelligence continues the path).
More and more I am seeing that people are willing to forgo money in the pursuit of lifestyle and balance. I think this is wonderful. People are happier and they are earning less, who’d have thought?
Many of these people have goals of spending more time with their children and grandchildren, getting involved in charity work, giving back to the community in a more philanthropic way. They get a sense of satisfaction from these types of goals that money CANNOT buy.
This path that many people are taking I believe is incredibly empowering for them and the people around them. Yes, they will have a longer career in the workforce, but they are having happier and more fulfilled lives. What a great outcome for them and society.
I would love to hear any thoughts that you have on this topic. Please feel free to comment, private message, email or call me.
Do you want to be one of these people in society that has a more fulfilling and happier life?
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