7 Things You Might Not Know About Retirement

​Before the 20th century, retirement, as we understand it today, didn’t exist. While some people throughout history managed to live their twilight years in comfort and security, such an experience was reserved for the very wealthy. Most people worked until they died or depended on the love and charity of family to support them once their working days are over.

Thanks to immense leaps in modern medicine, better hygiene, and improved quality of life, people began living longer lives. As a result, retirement became a concept we’ve come to know well – and something we fought for.

However, the expectations and realities of life in retirement are continually changing and evolving. Your retirement situation is most certainly different from that of your parents. The same probably goes for what retirement means to your children versus what it means to you. Today, people still fight for more robust retirement benefits.

​With this in mind, many aspects of retirement may have changed since you last brushed up on the subject. Catching up on this information will be vital to planning your retirement as best as possible.  
The following are seven things you might not know about life in retirement.

1. Retirement Plans Need to Catch Up
   The average human lifespan has increased significantly over the last century. As of 2017, the average life expectancy of someone in the United States is 78.6 years old. It’s a trend that continues today, meaning the average life expectancy projected 20 years ago is out-of-date.  
   
   ​When retirement plans were established and updated, the average life expectancy was shorter. In other words, many retirement plans fail to account for these additional years. Consult your financial planner regarding the expectations used to map out your life in retirement. If adjustments are needed, now is the time to make them.
   
   
2. Risk of Addiction
   Substance abuse is an affliction most commonly associated with younger people. However, addiction among the elderly has increased dramatically in recent years.
   Life in retirement comes with an elevated risk of developing a substance abuse problem. The years of retirement include possible afflictions such as loneliness, friends passing away, and more. Retirees can seek treatment for alcoholism and drug abuse, but it’s best to take steps to avoid addiction in the first place. For instance, ask your partner to monitor your drinking while you do the same. After surgery, if prescribed pain medication, speak to your doctor about the risks of dependence and what you can do to manage pain while limiting the consumption of these drugs.
   
   
3. Opportunity for Romance
   The dating scene is not something we think will matter in retirement. But between divorce rates, longer lives, and eventual death, it’s not unusual for seniors to find themselves single and looking for love. Keep this possibility in mind as you look forward to life in retirement.
   
   Generally speaking, dating as a senior is not much different from how it was in your youth. Politeness, courtesy, and charm go a long way. Practicing safe sex remains essential. If you hit it off with someone, go for it and don’t look back. At the same time, get to know the person before making any significant commitments. Again, responsible dating in retirement is the same as responsible dating in your 20s or 30s. 
4. Supporting your offspring
   The underlying causes are a topic for another time. Still, professional opportunity and financial security seem harder to come by these days. As a result, those at or near retirement age increasingly find themselves providing financial assistance to their adult-aged children. It’s a factor most folks fail to anticipate when planning their retirement. Those whose adult-aged kids struggle to make ends meet need to consider whether or not it will play a role from now on.
   
5. Getting a Job
   Having a full-time or part-time job in retirement sounds like a complete oxymoron. 
   
   However, for many retired people, working during retirement is a reality. The reasons for working in retirement vary from one person to another. Some retirees work because they want a way to stay active and social. Others do it for extra money. Many, however, work to afford to live. All you need to know is that working during retirement it’s a possibility.
   
   If you wish to not work during retirement, it may take some in-depth financial planning. Whether you work in retirement because you want to, or because you need to, will depend on whether or not your monthly income is enough to cover your expenses.
   
   
6. Fighting off Boredom in Retirement
   Retirement is generally referred to as the time we finally get to do all the things we always wanted to experience, right?
   
   While that assessment is not categorically false, it indeed assumes a best-case scenario. Most retirees lack either the funds or the physical health to pursue their post-workforce dreams. The result of this a lot of free time. The ability to fight off boredom in retirement is essential. For many, this comes down to activities, hobbies, and interests.
   
   Retirement is a new concept, one subject to change. The idea of retirement has changed drastically in just the last 20 years alone. Those nearing retirement age will need to reacquaint themselves with the topic of retirement and adjust their plans accordingly.