Retirement Redefined.

By
Real Estate Broker/Owner with BROKER of Green Realty Properties® - 954-667-7253 BK3175566

Lynn Bartlett of Bartlett Financial Services, a local financial planner, wrote a very relevant article about how retirement will be very different going forward than it was fo previous generations. We live longer, have fewer sources of income, and will have increased medical and living expenses. Many people will be forced to delay their retirement, or at least keep a part time job. Over the course of the next generation, the average age of retirement may shift to as much as 10 years.

Appropriately enough, she mentioned the fall in home values playing a role in changes in retirement plans. In the past, when it came to downsizing, retirees would make a sizeable profit from the sale of their home and use that as part of their retirement fund. Once the real estate bubble burst, that was no longer a good option for many future retirees.

I wish things weren't so hard on people once they inch closer to their retirements. I hope that it won't be so rough for future generations, but I think we have to change our expectations and get ready for a new norm.



Posted by

If you or anyone you know need help Selling or Buying a Home in Broward & Miami-Dade Counties, please don't hesitate to call me at 954.667.7253

 

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS, TRC, RSPS

BROKER - REALTOR® Serving South Florida ::: 954. 667. SALE (7253) ::: Green Realty Properties®

Visit www.WeLoveSouthFlorida.com for SouthEast Florida's best properties.

 

 

Copyright © 2008 - 2014 By Patty Da Silva, CDPE©. All Rights Reserved.

Legal Stuff: This article (Contents) reflects the opinion of the author and it is not to be considered legal advice. The author is not an attorney or a CPA. If you are in need of legal or tax advice, it is recommended that you to contact a trusted professional advisor.

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Rainmaker
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Dan Brudnok
Keller Williams RE- Exton - PA License Number #RS225179L - Downingtown, PA
REALTOR,e-PRO,ABR,GREEN,SRES,CSP

Hi PAtty,

What we thought we would have has certainly change drastically for many.

Oct 30, 2012 07:18 AM #1
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Patty= a good one!  A changing housing market; older adults relocating because of the job market and not building up the equity that they used to; having to work longer; rising medical costs... it's not our grandparents or our parents' retirement any more!

Featured in Bananatude

Bananatude

Oct 30, 2012 08:03 AM #2
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Bryan Robertson
Catarra Real Estate, Inc - Los Altos, CA
Broker, Author, Speaker

We are all definitely living longer and retirement isn't what is used to be.  When social security started people expected to live about 5-10 years past retirement.  These days it's easy to live 20-30 years past retirement.  It would be great if people could work longer and build up more money for retirement rather than relying on home equity.

Oct 30, 2012 08:59 AM #3
Rainer
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Steven Cook
No Longer Processing Mortgages. - Tacoma, WA
- Pierce, King, Kitsap, Thurston, Mason Counties

Patty - a good reminder for us all.  Bryan has is mostly right -- the other thing one should remember is that when Social Security was still young, there were about 9 workers for each person drawing Soc. Sec. - and now we are nearing only 2 workers per Soc. Sec. recipient, and the projections are that it will be at that level for many years to come.

Oct 30, 2012 10:40 AM #4
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Lou Ludwig
Ludwig & Associates - Boca Raton, FL
CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO

Patty

When and how people has changed forever, and we are quickly moving into muilti generational housing.

Good luck and success.

Lou Ludwig

Oct 30, 2012 05:26 PM #5
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Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - San Jose Probate Agent

Patty,  A new norm indeed!  Retirement age will need to change if people don't manage spending and investing.  401K plans won't see big growth if invested in the stock market.  Equity in a home would be considered gravy ... not to be relied upon. There is a big shift taking place ... our children may live to see the results of the shift. 

Oct 30, 2012 08:13 PM #6
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Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Of course there are those that bought way before we knew what a bubble was.  But retirement.  What is that?

Oct 31, 2012 03:29 PM #7
Rainmaker
565,495
Kathy Sheehan
Movement Mortgage 770-634-4021 - Atlanta, GA
Branch Manager

I don't see my retirement anytime in the near future.... now, back to work!

Oct 31, 2012 04:19 PM #8
Rainmaker
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Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR
BROKER of Green Realty Properties® - 954-667-7253 - Davie, FL
Top Listing Broker

 

Dan, for sure. Scary.

Kathy, definitely not, and we see it 1st hand down here in  S FL. Thank you!

Bryan, we have to start doing that. Our mindset just needs to change.

Steven, wow that’s a crazy stat.

Lou, I guess we’re becoming more European in that way….grandparents and older children living with you.

Kathleen, it’s all a cycle. Our children may see the shift and a few generations down they’ll see another shift. It’s crazy to think that far ahead.

Jane, I beliiiiiieve that’s when you stop working? I think I’d be bored out of my mind.

Kathy, back to work! LOL

Nov 01, 2012 08:09 AM #9
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Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR

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