2050 seems like a long way away, however, it is closer than we think. In this week’s retirement headline, I share an article from Richard Archer at FinanceInsights.net which explores the future of retirement and the impact that technology has had on the past, present, and future of retirement.
In the listener questions segment, I help Bruce with a question about using individual bonds vs bond funds in retirement.
You only have a couple of weeks left to answer our annual listener survey. It only takes about 3 minutes of your time to state your opinion and make your voice heard!2050 is closer than we think! Click To Tweet
Outline of This Episode
- [2:02] Will retired life be better in the future?
- [6:40] Technology can help retirees stay independent longer
- [11:08] Individual bonds or bond funds in retirement?
- [17:40] Using the portfolio immunization strategy
What will the future of retirement look like?
What do you think the future holds for retirement? Tastes, trends, and technology have changed how we envision retirement today. People are living longer than ever before we are experiencing longer retirements with improved healthcare and technology available. So, what will retirement be like in 2050? It seems like a long way off, but today’s 40-50-year-olds may experience a 2050 retirement. With our rapidly changing technology, it can be fun to envision what the future will be like.With our rapidly changing technology, it can be fun to envision what the future will be like in the future. Click To Tweet
7 ways retirement could change in the future
- Retirements will get longer. In 2050, life expectancy is expected to increase by 3-8 years, which could extend retirement to nearly twice the length of today’s average retirement according to the author’s predictions.
- People may wait longer to retire. The extended life expectancy and increasing full retirement age of Social Security could have people waiting until their 70s to retire.
- Retirement income will increase. The next generation of retirees is expected to earn 24% more retirement income than today’s retirees.
- Healthcare could go remote. Increasing advances in medical technology will continue to improve healthcare. Healthcare could be monitored by nanosensors and AI and these technologies could cure injuries and illnesses.
- Transportation could see drastic changes. Improved technology will not only improve healthcare but continue to change transportation. Self-driving cars and improved mass transit could mean a longer period of independence for the elderly of the future. Quality of life is linked to independence, so holding off on the no-go years will mean a longer, higher-quality retirement.
- The future of food may not be what you expect. According to the author, meat and dairy could fall by the wayside and be replaced by seaweed, bugs, algae, and lab-grown meats.
- Vacations might have a different view. The rise of space tourism may not be just a passing fad. Space and lunar exploration and colonization could mean that extraterrestrial tourism could be an option for tomorrow’s retirees.
What kinds of changes would you like to see in the future of retirement? Could you see yourself eating a bacteria burger on the moon while getting a robotic or AI check-up? Listen in to hear how retirement could change in the future. Don’t forget to fill out the annual survey when you’re done listening to this episode!
Resources & People Mentioned
- Annual Listener Survey
- Retirement in 2050. Will Retired Life Be Better in the Future?
- Bond mutual funds article from Schwab
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