New definition of retirement: Turning interests into money

retire

TAMPA, FL (WFLA) — Forget spending all day playing golf or babysitting the grand kids, retirement isn’t what it used to be.

The workforce is aging, and there isn’t enough money to go around. Still, Bay Area residents are still figuring out how to enjoy their golden years.

“I’m working a job right now that I expect to be able to work for a very long time. I did that deliberately feeling like we’re not going to be able to rely on the government,” says Tampa therapist Lynn Allen.

Her reality is one faced by millions of Americans. The career finish line is moving farther away despite investments and social security contributions.

The U.S. Bureau of Labor Statistics reports nearly 20 percent of Americans age 65 and older are working. That’s projected to increase in the coming years. Today’s retirement looks different than your grandparents.

“In the shock of ‘I didn’t save enough money,’ is the opportunity of how can I make money, but do it in a way that has meaning and purpose for me,” explains Encore Tampa Bay director Bevan Rogel.

Rogel’s organization helps people prepare for, and succeed in this redefined retirement. She says baby boomers are turning hobbies like photography into a business or becoming professional caretakers. Still, Rogel believes companies should also adapt.

“Could the organization think differently about keeping him on on a part-time basis or a contract basis?” adds Rogel.

Older Americans can enjoy their grandchildren and leisure activities if they explore flexible opportunities, explains Rogel. But Lynn Allen is concerned about future generations, specifically her young adult children.

“My kids who are young, they’re in their twenties, tell them start saving early and hope for the best,” says Allen.

Rogel has faith in younger Americans, saying millennials are getting it right. Many of them are following their passions and opting from entrepreneurship.

“Yes, they need to save money, but it’s also about purpose and looking for different opportunities along the way, which we didn’t do as boomers,” explains Rogel.

Encore Tampa Bay is hosting a retirement planning event December 7th from 6-8 PM. For more information visit encoretampabay.com.

WFLA.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others and keep the conversation on topic and civil. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s