Only Government Employees, U.S. Military and a Few Others Can Retire
Why Millennials May Never Retire
November 19, 2013Daily Ticker - It seems that, every few weeks, a new study or article comes out citing a rise in the average age of retirement. Hard economic times and longer lifespans make the idea of full retirement seem like wishful thinking for people across generations.
For millennials, those born between 1980 and 2000, retirement may never be a viable option. The generation that came of age in the tech boom of the 1990s but graduated from college into one of the worst recessions our nation has ever seen is behind financially.
Millennials don't necessarily have the option of climbing the corporate ladder until they reach a traditional retirement age. Fifty percent of them don’t even expect to receive Social Security checks in their old age.“The economy has changed everything at its greatest level,” says Dan Schawbel, author of Promote Yourself: The New Rules for Career Success. “A lot of the jobs that exist today won’t even exist in five to ten years. People now have to be self-sufficient and accountable for their careers and have multiple streams of income or career-diversification. They can no longer rely on employers.”
“The big trend is that the economy has changed the typical career path,” says Schawbel. “People no longer expect Social Security, or even to retire.”According to Intuit, more than 40% of the American workforce will be freelancers, contractors or temp workers by 2020.
“It’s becoming easier to start a business or do consulting work because of opportunities online,” says Schawbel. “With this comes custom career paths with part-time work, multiple clients and jobs.”Millennials also seek passion and meaning in the workplace, and they may not see a career as something they even want to retire from.
“This is a generation that’s thinking about all the basic tenets of work, their career and leadership, in such different ways,” says Anne Hubert, senior vice president at Scratch Media, a division of Viacom focused on understanding the millennial mindset.
“They’re thinking about finding their life’s work, their calling," she says. "Eighty-four percent of them believe they’re going to get where they want to in life. So when you’ve organized your career around finding your life’s work, I think the idea of retirement is a totally different thing.Hubert claims that millennials will change the paradigm of retirement altogether.
"The whole idea of retirement as this light at the end of the tunnel, well, if you haven’t thought of your career as a tunnel, where are you really heading?”
Whether it's because of passion, the economy or a combination of the two, the idea of a typical retirement may soon be extinct.
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