Retirement. It sure isn’t what it used to be.

As seen in The Oakland Press

May 10th, 2026

Retirement. It sure isn’twhat it used to be.

by Ken Morris

Early in my career, age 65 was the benchmark used for determining most retirements. In the early 1990s, the automobile companies offered retirement incentives to executives at age 62. Those who accepted the offer took “early retirement.” At that time, Social Security’s Full Retirement Age was 65. This year the FRA is 67 for those born in 1960 or later.

In today’s world, where pensions are rare other than for government employees, age 65 is less meaningful as it relates to retirement. However, it still remains a focal point for retirement decisions because of Medicare. There are a lot of people in the workforce today who would walk away from their current jobs if they were covered by Medicare prior to age 65.

Keep in mind, you can collect Social Security as early as age 62. But if you retire at 62, you’re not only giving up a salary, you’re also waiting three years for Medicare. Is it worth it? Maybe. Maybe not. But I believe that three year gap is keeping a lot of people in the workforce. For that reason, 65 remains a relevant number for retirement.

The definition of retirement has evolved over the years. There was a time when you worked for one company for many years, then ultimately got a gold watch, a pension and Social Security checks. In today’s world, people seldom stay with one employer for their entire career. They typically change jobs about every four years, another reason why pensions have become nearly extinct.

As longevity has increased, the reality of retirement has also evolved. In 1940, when Social Security began making monthly payments, the average life expectancy was about 60 years. Today, a male who reaches 65 can expect to live another 20 years to 85. And the number of centenarians nationwide continues to grow rapidly.

Longer lifespans and the shorter duration of “job spans” have added a whole new meaning to the concept of retirement.

For some, retirement means not having to wake up to an alarm and spend eight hours doing something in exchange for a paycheck. They likely don’t have a passion for what they do day in and day out. But they do like getting paid for it. For them, retirement may simply mean getting out and doing something else with their lives.

For others, retirement means having enough money to pursue a passion  they truly enjoy. It doesn’t even have to produce income. Or, it could. I had a friend who, after a successful business career, used his passion for photography to generate additional income. For people like him, retirement was almost like a transition into a second career.

Then there are those who have been fortunate enough to earn a living from their passion from day one. They will likely pursue their passion as long as their health permits because they have never considered it to be work.

As an advisor, my most important concern is that people don’t outlive their money. Hopefully, you will have the ability to navigate your retirement financially no matter what curves life may throw at you. Sadly, some will not have a choice. They will not have enough money and they will have to “work” at a job for most of their adult lives.