Retirement is in the process of a transformation. Retirees today are looking at a very different picture than people who are (with luck!) on track to retire by the year 2030. Kiplinger’s took a look at some of the ways retirement will change over the next decade, and what we can expect the new twilight years to look like.
So Long Social Security – Social Security is on its last legs—projected estimates expect it to be depleted as early as 2034. At that point it’ll be up to payroll deductions to cover that loss, which means that people can expect to receive only 77% of their full benefits.
Technology Will Keep Us Alive Longer – Thirty years ago cell phones were almost unheard of and the internet was still ten years away from being born. In terms of technology we’re light years ahead of where we were, and by the year 2030 we’ll be even more advanced. Look forward to wearable technology for 24-hour monitoring, a constant stream of information about your health being sent directly to your physicians, and immediate emergency response in the event of a crisis. We may even be looking at implantable microchips to dose you with your daily meds.
Virtual Reality Could Replace Some of Our Actual Reality – It’s a pain to misplace reading glasses, so imagine how hard it’s going to be when we start to lose our VR viewers. Virtual Reality is on the rise, and we may be looking at glasses that could do more than help us see but help us complete our day-to-day tasks and stay connected with friends and family (including 3-D images!). Amazing?
Drones EVERYWHERE – Do you know those annoying robot tests we have to undergo in order to log in to our accounts online? Clicking a box to assure a site that you’re not a robot will take on a whole new meaning once drone delivery becomes more commonplace. Forget two-day shipping, online shopping is about to become comparable to ordering a pizza—delivery in thirty minutes or less!
Your Car Will Drive You – The advent of self-driving cars has already begun, which means they’ll have it locked down by the time the Gen X’ers are ready to retire. Your car will not only be a chauffer but a valet as well, which means that older folks will likely be able to be much more active.
SmartHomes – Those “Homes of the Future” ads made popular in the 50’s and 60’s may have been a little off with their prediction of how a house will operate in the 21st century, but not by much. Homes are already getting smarter with automated doors, alarms, and climate control. By 2030 we can look forward to even more, such as refrigerators that can take inventory.
Sound unbelievable? Maybe not, considering how much technology has advanced and the rate it’s still expanding. The loss of Social Security is surely a blow—even more so when we see how much there is going to be to save up for!