The "miserable existence" model of retirement emerged during the 1940s and 1950s from the reality of the Great Depression. This traditional vision defined retirement as representing a single "event" with a target date, typically around age 65, in which a person suddenly leaves full-time employment (income stops) and adapts to lack of employment (living solely on pension + savings).

This original idea of retirement evolved when work was mostly physical, and the body wore out. Historically, retirement was a brief period of doing very little and experiencing a rapid decline in health. It was a time when retirees were "too sick to work, yet still too healthy to die."

Since the 1980s, retirement has been perceived as "not so miserable an existence". Current retirees live (and future retirees will live) a different retirement from their ancestors. People already follow different patterns; you may know people who leave their workplace earlier, or later, evolve to slow down and work only part-time, find new work out of necessity, redefine meaningful work in new areas or leave original employment, consult and then return. The world is your oyster. Take up the projects you had postponed, learn a skill you have always dreamed about. 

For example, you might withdraw retirement funds and go to the Peace Corps for three years in your 40s or 50s with the idea you’ll work until age 75 as a trade-off. Doctors will donate their time and expertise to work for non-governmental organizations (NGOs) like “Doctors without borders.” Some people borrow from retirement savings to invest and pay themselves back with interest instead of bank lenders or loan companies. Such investors work longer to pay themselves back. 

Maybe you know experienced people may be secunded from their places of employment for short-term consultant projects?  These experts temporarily suspend their other roles, accept reduced  pensions, or have opportunities to make up time in original workplace later. Some people will retire completely from original workplaces and become consultants to government and/ or industry in their own countries or internationally. DIscover your options. You may find some new ones.

Yet, other people follow the traditional model, work until they reach legislated retirement age, then leave work for good. Still other people can’t afford to retire at any age and must find new work, take odd jobs or start a business to generate money to pay the bills. Still other people love work so much they prefer to continue as long as they’re physically and mentally able to do so.

Financial planning evolves to factor in these many visions of retirement. Where retirement planning strategy emerged to plan prudently to ensure people could survive, people increasingly desire more than simply to have enough money to eat, pay for shelter and any necessary medical care. They often postpone luxuries like travel, purchasing "extras," or doing major renovations until retirement.

Fundamentally, on one level, the modern meaning of retirement may be understood as financial freedom, or the ability to subsist in desirable ways without working and to have enough time available to do what you choose. Investments and interest from savings would generate a passive income to provide for ‘retirement’ activities. Successful business people and lottery winners or entertainers have been known to retire young. Although they move beyond original pursuits, they have also been known to create foundations, charities, new businesses and other meaningful pursuits to enrich their existence and others. In this way, retirement offers new ways to enjoy life.

In addition, retirement can also mean an imposed settlement package from a workplace or employer because of age limit or downsizing. Retirement is no longer a one-time experience based solely on age. It is also a mindset expecting change, an appreciation for new work at any age.

Without a doubt, increasing longevity demands new retirement ideas.  Where age 65 used to be seen as ‘late-in-life,’ it’s now more often mid-life.  Since you may be around for a while yet, how will you define your identity over and above what you used to do? A change of scenery can be good. Consider moving city to country. Embrace newness. Your mindset is key to the next phase of your life.