What Does Retirement Look Like With Better Life Expectancies?

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picture credit: re-employment.sg

Some Possible Ramifications of Such a Phenomenon

By: Barron Boon

A recent lab experiment conducted on mice reveals that the scientists have been successful in increasing their lifespan by between 60% and 500% by amending their genetic makeup and switching “OFF” the genes which are responsible for the ageing process. Scientists are also working on the possibility of administering the same treatments on humans, and if these experiments become successful, we can enjoy a life expectancy of 100-150 years or more.

Considering the fact that a lot of progress has already been made in this field of study, it will not be too long before we will be able to enjoy a longer life expectancy. How would this longer life expectancy affect the retirement outlook remains to be seen? Let us have a look at some of the possible ramifications of such a phenomenon:

  • Working Longer

Let us have a look at some of the current statistics of average lifespan and retirement age of people living in some Asian countries. In Singapore, the average lifespan of adults is 82.14 years and the retirement age is 62 years. In Malaysia the retirement age is 60, in Indonesia, it is 58 and in Thailand, it is 60 years. Looking at these statistics, some argue that the retirement age could be revised and extended to 75 years if life expectancy touches 100 years, whereas if life expectancy increases to 150 years, the retirement age could be pegged to 112.5 years. Even today, the retirement age is being revised regularly in many of the developed countries of the world and it has been increased to 65 years from 60 years.

As a result of this increase in the retirement age, people are actively working and contributing to the society for a longer time than they used to. More working time means that the adults are able to accumulate more savings in their working career than they used to and therefore are able to enjoy a longer and better retirement time with their families and loved ones.

  • Start Of A Real Life

Those senior members who are able to retire gracefully and with sufficient savings have started pursuing paths in their field of personal interest. They refer to this part of their retirement age as “start of a real life” in which they give talks, lectures, and pursue paths in the areas of teaching, coaching, and more. Since they are not motivated purely by financial returns, they are able to achieve maximum satisfaction from this part of their life.

  • Retirement May Have Different Meaning For Different People

Depending on the financial position, the term retirement may have a different meaning for different people. Retirees who are able to make enough savings are able to enjoy a different type of retirement time than those who find it hard to make the ends meet after they get retired. So, in a nutshell, retirement is all about adjusting.

This adjustment may require adjusting to a new perspective on money, adjusting to a new lifestyle, and life as a whole. It depends on the retiree to decide what kind of lifestyle they want to pursue upon retirement.

A lot of people are of the opinion that their retirement age starts when their health is no longer able to support their working lifestyle, while for others it starts when they finally decide to spend more time with their family and loved ones. Whatever the reason, if you are not well prepared for this milestone stage in your life, you will face difficulties and challenges.

  • Uncertainty or Comfortable Life Ahead?

One of the major challenges faced by many retirees is unexpected expenses related to the health care treatments. The best way to deal with such unexpected challenges is to set aside an adequate sum to take care of these health care treatments, or to have adequate insurance coverage. It is therefore of paramount importance to find a perfect retirement plan and start working on it as early as possible.