Marc Freedman, founder of Encore.org argues that we need to make these later chapters in our lives both fulfilling for us as well as sustainable for society as a whole.
It’s a fact that people are living longer these days. If you’re turning 65 this year, you’re expected to live an additional 19 years, that’s 5 ½ years longer than someone who reached 65 in 1950. So the question now is not so much how are we going to extend our lives, but how are we going to fill those added days. Marc Freedman, founder of Encore.org argues that we need to make these later chapters in our lives both fulfilling for us as well as sustainable for society as a whole, and offers five ways to launch us in the right direction.
1. Come up with a new name for this new chapter of life.
This new chapter starts roughly between the ages of 55 and 75, and Freedman says that giving it a coherent identity helps people create a framework to make the most it. Some have suggested calling it the “third chapter,” “adulthood II,” and even “middlescence.”
2. Make the transition as easy as possible.
After retirement, take a year—or at least a few months—to take a breather and figure out your next steps. Whether you want to go back to work, change careers, volunteer, travel, we should first spend some time resting and adequately readying ourselves for what comes next.
3. Never stop educating yourself.
Freedman argues that what we need now is a school designed to help people retool their skills to continue to earn an income as well as teaching them new skills and helping them plan their second careers.
4. Figure out how to finance the bonus years.
Freedman recommends that financial service companies create a sort of 529 for grown-ups, and would complement individual retirement accounts. Another idea he has is to allow people 50 and older to take a single early year of Social Security to retool for their next career. Basically, he’s saying we need to start financially planning for our (longer) futures.
5. Help the generations come together.
More intermingling of the generations are beneficial for both the young and old. For the young, it gives them exposure and access to an older point of view as well as babysitting and childcare for their children. For the older generation, the forged relationships will ensure they will be taken care of later in life.
Curated from The Wall Street Journal
