The future of retirement: John Cassar White
Retirement planning can never be effective if a one-size-fits-all model is applied. The traditional three-stage life of school, work and retirement no longer functions in an age of unprecedented longevity and shifting work and health outcomes. Current retirement and pension systems are not equipped for today’s social and economic realities.
Most people’s retirement plans are too vague and only begin to appear on their radar when it is too late to make adjustments. Some positive developments will make the financial aspects of retirement less daunting for many.
More women are joining the workforce, helping to build the retirement nest eggs that will ease financial pressures in later life. Many opt to work for longer beyond the statutory retirement age because they need to ensure financial resilience in later life. Others still feel healthy and productive and may not want to give up their sense of community at work.
Still, far too many people do not realise the financial and health cost challenges that they will face when they retire until it is too late. Poverty among the retired is often an avoidable risk that can be defused by proper planning.
Unfortunately, the main...