Retirement Is Changing: Here Are 5 Examples

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Retirement much like working life in general is changing these days. As we have seen the end of the job for life then we also will be seeing the knock on effects of how we retire. So this will mean that a retired person will have had much more than one career on average and may have several different pensions sources they are drawing on. But there is so much going for retiring in Scotland these days.

Age Of Average Retirement Is Rising

We are seeing that the state pension age is rising but also all types of retirements are getting later on in life. With people living longer than any private pension needs to stretch over a larger number of years to see you through. Also many pension funds have been decimated by various scandals and the financial crash leaving many with little other option than to work on for a few more years.

People Are Working In Their Retirement Too

In any case many actually choose to work after retirement and it’s not solely for the purposes of getting more money. It keeps you active and you can pursue a different type of role in another industry section from the one you worked in, Many choose voluntary work, part-time or even setting up a small business in their retirement.

People Draw From Finances In Ways Other Than Pension

It’s a common misconception that a pension is a payment you are entitled to in retirement but other than the state pension it is an investment vehicle designed to pay off after retirement. There are various ways to realise your financial assets in later life, for example, did you know you can easily release equity from your home this allows you a bit more flexibility in your finances.

Retirees Will Be A Higher Percentage Of The Population

Here in the UK the population is an aging one which is an issue as we approach retirement as the level of earnings of the working age population will struggle to generate enough revenue to fund the state pension requirements of the older generation. With a rise in scepticism surrounding immigration amidst Brexit and other populist ideas then we will need to be sure of a way of getting more people to be generating the amounts of tax revenues to prevent a collapse in pension funding.

There Will Be More Single Retired People

With an increase in divorce rates it stands to reason that there are more and more single retired people and not just due to the previous norm of widows and widowers. There is also a significant increase in the older generation using dating apps and getting out there to meet new partners. So if you are single and retired you will find you are not alone and there will be a huge amount of potential new partners you can go out and meet and so get back out there and have some fun.