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The Changing Retirement Trends

Retirement used to be considered the end of things and the beginning of old age. But now the definition of retirement is changing because people live longer and are healthier. An increasing number of people view retirement as a great opportunity to do new things and find more meaning in their lives. Nowadays retirement is considered a career change you make when you are no longer required to work full time and you have some freedom to choose the life that you want.

People have begun to realize the impact of retirement on physical, social and mental health because doing something like a nice tour to experience can be beneficial to ones health in all aspects. They have begun to realize that to have a thriving retirement you need to be doing something that you believe in and that feels important to you. Even the younger generation sees retirees as productive members of the society and we feel that there needs to be opportunities for them to make meaningful contributions. There is no longer a fixed point of retirement – retirement is a process. We no longer say ‘’ at retirement ‘’ instead we use the phrase ‘’ through retirement ‘’.

There have been numerous studies showcasing the shifting perceptions of retirement.According to a Merrill Lynch 2014 study, nearly half (47%) of retirees have either worked or plan to work at some point during their retirement and almost three quarter (72%) of people planning to retire also plan to work in some way after retirement. This study also revealed that most retirees have financial stability in the form of social security, retirement accounts and personal savings, giving them opportunity to do leisurely activities like Puffing Billy Yarra Valley tour and be more flexible with the type of work they choose. In fact in this study 62% of the people stated that the main reason they work in retirement was to stay mentally and physically active/healthy and only 31% mentioned money as the priority. Most stated that they see working part time/fulltime as a way to focus on their interests or hobbies, give back to the community or connect socially with others.

Many people have thought about and studied the various health factors affecting the decision of retirement but few have studied the effect of retirement on health. But there seems to be an interconnection between the two lines of thinking.Research has pointed out the need to view the circumstances of retirement in order to assess its outcomes. Men who retire as a result of poor health will continue to report poor health after retirement. Similarly men who retired against their own will, will have a negative reaction to retirement than individuals who experienced voluntary retirement, due to the fact that voluntary retirement gives individuals a greater sense of control over their lives and has a positive effect on many psychological levels.