Outdated retirement planning rules, such as saving early and retiring at 65, challenged by expert.

Many retirement planning advice focuses on saving early and leaving work at 65 for leisure. Chris Farrell challenges these outdated norms, suggesting retirement is a transition to different work. Many older adults pursue part-time work or start businesses, with 57% of retirees desiring to continue working in some capacity.

Farrell debunks the belief that productivity peaks in your 30s or 40s, asserting older adults can bring innovation. Technology enables remote work, making it possible to earn income without traditional constraints. Saving for retirement is crucial, but life’s unpredictability can hinder nest egg growth for many Americans.

A SoFi survey reveals only 7% of adults have over $500,000 saved for retirement, with most planning to retire after 60. Farrell suggests continuing to work post-retirement, even part-time, can boost Social Security benefits. Age discrimination persists but is decreasing, as companies recognize the value of experience.

Farrell advocates for forging your own retirement path, whether starting a business or working part-time post-65. He emphasizes finding purpose and community in retirement, urging individuals to question traditional retirement norms and embrace personal goals. Joining networks and exploring ideas can shape a fulfilling retirement.

Read more at Yahoo Finance: 4 Outdated Retirement Planning Rules To Ditch, According to a Personal Finance Expert