As Average Lifespans Get Longer, What That Means for Retirement

With average human lifespans longer than they were in previous generations, Americans are rethinking retirement, reports the Atlanta Journal-Constitution . The high costs of a longer retirement, coupled with longer life expectancies, means that more Americans are electing to stay employed longer. A 2019 TD Ameritrade poll of 2,000 adults found that most Americans currently plan to work beyond the traditional retirement age, and one in three respondents said they intend to work at least part-time in retirement. Yet baby boomers staying employed longer may leave younger generations with fewer advancement opportunities and the increased pay that usually accompanies them. About 30 percent of retired survey respondents said they felt like their identity vanished after they retired. "The concept of retirement is evolving," explained TD Ameritrade's Christine Russell. "It's not just about finances. The value of work is also driving folks to continue working past retirement."