What Retirement “Type” Do You Prefer?

Posted on Sunday December, 27 2009 | 3 Comments

It's a fact of life we are all gettiing older.  It's also a fact that one day we will have a retirement of some kind.  There a lots of product 'types' in the marketplace.  My thought is what retirement 'type' do you prefer?  Below are some types to think about as you envision your retirement.

  1. Seamless Retirement.  This person simply loves what they do and would prefer to do nothing else.  They report to work each morning and do the job because they love it.
  2. Supplemental Income.  The income from social security alone does not cover the needs for this retiree.  They work either part time or full time to get the extra income to cover their monthly expenses. 
  3. Part-Time Work/Part-Time volunteer.  This person only needs part time work to cover expenses.  They spend their other time volunteering for causes that they love.  They involve themselves in community groups that benefit others as well.
  4. Gotta work to pay for healthcare.  These folks have large amounts of medical debt that leaves them no choice but to work to make a decent dent in the debt.  These folks will work a job just for the healthcare insurance.
  5. Working to pay for my fun.  While this person can afford to pay monthly bills, they need extra income to finance their fun.  Examples of fun can be golfing, travel, cruises, and other interests. 
  6. Working for free (volunteer).  Staying active staves off illness.  The more active you are, the more the healthy you are.  This retiree exerts energy helping others who are less fortunate. 
  7. Finding a New Calling.  Retirement creates an opportunity to set a new course and fulfill a dream.  This could be the first time someone can really "pursue their passion."  Most folks will spend 15-20 years in retirement.  Why not spend it learning new things and making a real difference in the world.

Envisioning what retirement will be is especially difficult for younger folks.  It doesn't hurt to think about what you want to be doing when you get there.  What type of retirement above appeals to you?  Please comment on your preference.  Also feel free to add a type I may have left out.