By Malory Wood

Thinking about retirement? You should. But wait. They’re a few good reasons that might change your thinking about retirement or when it’s time to retire.

Studies show that people over 50 are trying to save as much money as possible so they can say goodbye to their job and enjoy the good life. Armed with investments, savings accounts, and strict budgets, many Americans feel they are ready to throw in the proverbial work towel.

However, top financial analysts are cautioning clients to pump the brakes on their retirement. Many analysts reveal numbers that prove retiring isn’t as simple as it was several decades ago. With shifting factors in the equation, new trends have been discovered on just why retiring in the 2020s is inherently more difficult than the days of yesteryear. These trends are causing many people to push back their retirement by years.

Here are the surprising reasons and trends why retiring is not as easy as it used to be:

Not Enough Money for Retirement

No matter how hard most people try, saving money can be a dealbreaker when it comes to retirement. With inflation continuing to rise, people are not able to save money like they used to. CBS News revealed the shocking statistic that the average American only has $88,300 available for retirement.

The 80% Rule is the primary rule of thumb that financial analysts use to qualify clients for a financially successful retirement. This rule advises people to plan to spend around 80% of their pre-retirement income each year. If you believe Social Security will cover the gap, it might be wishful thinking since politicians are playing Hot Potato with social security. Also, given today’s social security rates and modest increases, that piece of the retirement puzzle is not reliable.

Higher Costs of Out-of-Pocket Healthcare

Many employers are opting out of offering healthcare for their employees, or dramatically reducing healthcare benefits given the rising costs. This has wreaked havoc on many Americans’ wallets and pocketbooks. With out-of-pocket healthcare expenses skyrocketing, many people are choosing to forego buying vital health insurance altogether—because they simply cannot afford it.

Retirees are obligated to find another way to pay for their medical expenses and health insurance. This is in addition to Medicare not covering many costs like they used to in the past. This largely contributes to why many people cannot retire as easily.

We are Living Longer

With all the marvels of modern medicine, medications, and new-age advancements in medical care, people are living longer. As wonderful as this news feels, it is harrowing for people who want to retire. Living longer means more money is required to retire with peace of mind and enough money.

By 2030, the average American will have spent more years in retirement than working because of our average lifespan. This is great news for people living out their dreams and post-working career, but it can turn negative—and quickly—when people realize how much the cost of retirement has increased. So, you need to plan to save much more money, given the fact you’ll probably live longer!

Boredom

Preparing for retirement takes more than just financial planning. It also requires you to be ready for a new routine. As a result, many people don’t find retirement to be all it’s cracked up to be. Without a post-work life plan, retiring may not be as wonderful as you hoped it would be. Life goes on, so you need a plan, a bucket list and things to keep you busy in addition to gardening, doing the laundry, and reading the best 100 books. Without a retirement plan and some goals, many retirees feel bored. This can cause mental health issues, weight gain, and other health problems from inactivity.

Lifespans were shorter before the turn of the century, so more emphasis was put on living our golden years, creating lasting memories, and soaking up each moment.

But now, with so much free time and many retirees not knowing how to fill all that free time, many people are easily bored, and that makes retirement less desirable.

Changing Attitudes on Retirement

One of the most shockingly surprising reasons retiring is not as desirable is due to changing attitudes toward retirement. Many people do not want to retire. Views on ending careers are quickly changing for many people.

With many people feeling unfulfilled with their careers, retirement is not even on the table. As author Tom Hinton wrote in his best-selling book, 10,000 Days: The Rest of Your Life, the Best of Your Life, most people come out of their Fulfillment Years (ages 28-54) unfulfilled. They never realized the level of success and happiness they had hoped for, so as they enter their Legacy Years (55+), they want more time to chase their dreams and realize fulfillment. Some people are opting to continue working at their careers as they truly love what they do. They find work engaging and fulfilling. Others struggle to make that transition because they are not fulfilled, and they fear the state of daily boredom. And so, they keep working because what they have is more alluring than the fear of the unknown and hanging up their hat.

Bottom Line

With the cost of living increasing every day, savings accounts dwindling, longer lifespans, and the mounting costs of healthcare expenses, retiring is no longer an easy feat. Those people who make it to retirement can also feel incessantly bored, which directly impacts their mental health for the worse.

Modern-day situations are making it difficult for many Americans to settle down into easy retirement. More people are either being forced to stay at work or simply choosing to continue working as they seek greater fulfillment in their lives. These are a few of the reasons why deciding when and if to retire is so much more difficult than it was twenty years ago.