Retirement: what it really means today

The concept of retirement has evolved; it is no longer just quitting the job and going on holidays.

08:46 25 July 2013

Back in the days, retirement simply meant quitting the job that people held and living their lives in retirement. Using their pension funds, people tended do what they weren’t able to when they were working; go on holiday or spend days relaxing.

Due to the economic crisis and due to changing lifestyle and expected longer lifespan, retirement means different to this for most people these days.

Although there are still some who will get to enjoy traditional retirement, many people may make adjustments. Those with little savings will have to be “semi-retired.”

This means that they can quit their full time job but may still need to make money to make both ends mean. The only problem could be securing a job.

Some people may also have to delay their retirement in order to accumulate more money for their retirement funds. Some may need to extend their working life from 5 to 7 years.

For this reason, working individuals are advised to start saving for their retirement as early as possible. Doing so, will give you more options once you hit 65 years old.