Why 70 is the new 50
As we enter the latter half of the 2010s, baby boomers will crack an important age – 70. However scary that number may sound to you, we reckon it’s something to be excited about. After all, 70 is the new 50.
The current life expectancy in Australia is 84.8 for women and 80.9 for men and these numbers are only expected to grow. So, with about 15 years’ worth of life more than our parents, what does it mean for our ageing population?
For starters, if you’re still working, you may want to stay there a bit longer. The days of retiring around the age of 60 are behind us, and perhaps for good reason. Given that we’re expected to live another 20 years or more and that the Age Pension eligibility age will soon rise to 67, most people who retire at 60 will have no other source of income for 7 years. Furthermore, there may actually be health benefits for those who continue to work longer. In a previous article, we looked at the results of a study, which showed that those who work past 65 lower their risk of death by 11 per cent.
Of course, working full time isn’t ideal for everyone. Luckily there are other measures you can take to occupy your time and even generate some extra cash. Before retiring completely, many Australian seniors are going down the road of semi-retirement – that is, retiring from full-time work and moving to a part-time position. This can be a fantastic way to test-drive retirement, as once you’ve committed to it, it can be difficult to come back should you find yourself bored or even depressed.
If the idea of continuing to work in any capacity makes you shudder, why not make some money from the comfort of your own home? Thanks to technology and the sharing economy, it’s easier than ever to earn some cash without really having to lift a finger. To find out how, click here.
And, if you need a little more motivation, look to the stars. Clint Eastwood, Mick Jagger, Helen Mirren and even the Queen continue to prove that your 70s, 80s and 90s don’t need to be complete slowdown.
Do you have any tips for people considering retirement? Share them with us in the comments below.
Related links:
3 questions to ask before coming out of retirement
16 places you didn’t know you could use your Seniors Card
Free online resources to keep your mind active over 60