Have you ever thought about what the future might be like for your children and grandchildren? In this week’s retirement headline, we’ll explore a Wall Street Journal article called What Old Age Might Be Like for Today’s 30-Year-Olds.
During the listener questions segment, one listener wonders whether it is possible to have too much Roth money. Finally, stay tuned for the personal development segment where we learn what Jerry is doing to find purpose and stay active in retirement.Have you ever thought about what the future might be like for your children and grandchildren? Click To Tweet
Outline of This Episode
- [1:22] What old age might look like for today’s 30-year-olds
- [7:38] My thoughts
- [9:12] Is it possible to have too much Roth money?
- [13:57] Jerry’s investments in himself in retirement
A shrinking workforce
In her WSJ article, Anne Tergesen explores what life will be like in the middle of the century for today’s thirty-somethings. In 2050, society may look quite different both at home and at work.
Fertility rates are slowing at the same time that life expectancy is lengthening, because of this, we’ll have a greying society with many more older citizens in 30 years than we do now. This shrinking population means a slowing of growth in the global workforce which could in turn cause more inflation
Social Security may end up rising to age 70. This may cause companies to try to retain the services of older employees longer. Since people may work for more years, they may choose more flexible work options like 3 or 4-day work weeks. People may also choose to take career breaks rather than wait until retirement to enjoy free time.In 2050, society may look quite different both at home and at work. Click To Tweet
Couples are also delaying when to have children so that they may be supporting families during their highest earning years.
The architectural design may be driven by an aging population. Cities may add more multi-generational housing and there may be more shrinking or dying towns.
Population decline means that people may not have relatives to provide them with long-term care, so our society will have to create institutions to help its citizens.It will be important to continue to invest in our health to maintain health and mobility into old age. Click To Tweet
Since we’ll be more active for longer, we’ll need a more flexible income. The go-go, slow-go, and no-go years that we have always considered as the hallmark of retirement may be a thing of the past. Rather than having the no-go years, maybe we’ll continue to extend the slow-go years.
We can also be optimistic about the role of technology in creating better living situations for longer periods of time. It will be important to continue to invest in our health to maintain health and mobility into old age.
Make sure to stick around for the entire episode to hear whether there is such a thing as too much Roth money. Be on the lookout for an interview with Fritz Gilbert coming soon. Fritz and I will discuss his retirement passion project: Freedom for Fido.
Resources & People Mentioned
- What Old Age Might Be Like for Today’s 30-Year-Olds
- BOOK – Raise Your Healthy Deserve Level by Gary Kadi
- The Retirement Manifesto
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