When it comes to hanging up the gloves, younger generations may be so far behind in wealth accumulation, retirement seems unattainable. Some realize they may never be able retire. On the other hand, some are starting to enough to embark on an early retirement. Some as young as 20! But, how? Others are waiting until they are old and grey. But, why?
Simply put, choice.
Since the boom of self-help, get rich seminars, more people have set out to join the growing community of people pursuing early retirement or the FIRE (Financial Independence/Retire Early) movement.
On the flip side, some are preparing for a long life of work that extends well past the typical retirement age. "Work involves less physical labor than it used to and more rewards; it fills the loss of community created by declining birth rates and religious participation rates; and it's easier to establish one's own terms thanks to the rise of the gig economy."
A quick peek at finances explains a lot. Generation X's doesn't have 401k's IRA's other other retirement accounts. Neither do approximately 50% of millennials. The reason, many say it is because they don't have enough money to save.
Whether you prefer to retire early or retire later, both choices are yours and free of the concept that retirement is universally tied to one specific age. Define and modernize retirement on your own terms, rather than government logistics and enjoy the opportunity that
awaits.
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