Finances in Retirement – New Challenges, New Solutions

When young adults finish full-time education, the immediate goal is often to obtain employment, ideally in a permanent position, so that they can earn sufficient money to become financially independent. People in older age have no such worries, having worked throughout their lives and accumulated an ideal nest egg, but reaching retirement age does not strictly mean they plan to spend the rest of their days kicking back and relaxing. Indeed, a study by Merrill Lynch this year showed that seven out of 10 pre-retirees intend to work in retirement, while the fastest-growing age segment in the workforce is those of 55 and over.

We are increasingly seeing situations where older people choose to work beyond retirement age instead of feeling obligated to do so. The evolution of flexible working arrangements across many workplaces contributes greatly to this, as seniors can avail of casual working hours to enjoy a perfect balance between the fulfilment of work and the enjoyment of leisure time. This also enables them to spend more time with family, which 55% of seniors professed to be their greatest source of happiness over the 12 months prior to the survey.

This infographic from Easy Life Cover looks at how the seven main life priorities interact with each other and are interchangeable so that seniors can enjoy a happy and fulfilling retirement.

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