How long do you expect to live?
When Social Security started in the 1930s, the average life expectancy at birth was just 58 for men and 62 for women. Today, more and more people are living into their 80s and 90s with a chance to reinvent retirement. Technology—including social media—and the sharing economy are giving retirees unprecedented opportunities to create “second-act” lifestyles.
Learning new skills
Seniors are broadening their skillsets through massive open online courses at top-tier universities, and online learning resources like Coursera. They can study anything from 101-level business courses to a foreign language and then leverage their new knowledge to get part-time work like editing, consulting, or customer service, or start a business. It’s one reason why people over the age of 55 comprise America’s fastest growing demographic of entrepreneurs.
Social media use among seniors tripled between 2010 and 2016. It’s never been easier to connect with friends, family, and like-minded strangers on the opposite side of town—or even across oceans—through platforms like Facebook, Instagram, Pinterest and Twitter. There are even dedicated social networks catering to a fifties-plus crowd, and dating sites solely for seniors.
This is important because social isolation is common among retirees. Science suggests that maintaining social connections in retirement can boost health, increase happiness and reduce the risk of dementia.
Generating passive income
Sharing-economy platforms have made it easier to generate passive income. For example, renting out a vacation home through Airbnb makes it simple to turn property into an income stream.
Planning your second act
A decades-long retirement will require more money in the bank. To position yourself for a long and engaging retirement, take an active role in managing your savings strategy well before you leave the workforce:
- Save more. Use myOrangeMoney® on www.abaretirement.com to help close any retirement savings gaps. If you’re age 50 or older, consider making catch-up contributions to build your savings faster. Take advantage of the new one-on-one Personal Financial Advisor services to get your savings strategy in shape. Just call 844-253-8692 and ask to speak to a Voya Financial Advisor.
- Dream big. Think about what you’d like to accomplish in your second act. Write down some dreams and goals to make them more real. The earlier you set the stage for your new endeavors, the easier it will be to make the transition.
This article was produced on behalf of Voya by Quartz Creative and not by the Quartz editorial staff.
Investment adviser representatives and registered representative of, and securities and investment advisory services offered through, Voya Financial Advisors, Inc. (member SIPC).
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