Launched in 2005, WellesleyWeston Magazine is a quarterly publication tailored to Wellesley and Weston residents and edited to enrich the experience of living in two of Massachusetts' most desirable communities.
Issue link: https://wellesleywestonmagazine.epubxp.com/i/256387
those years in retirement. Now, US men are expected to live till 76; US women to 81. It is common practice for financial planners to plan for at least one spouse to live at least 25 years in retirement. This nearly doubling of years in retirement has significant implica- tions. For starters, it amounts to a lot of rounds of golf, even for the most avid fans. The grandchildren that you bounce on your knee will become busy adults over that stretch of time. The saying, "I married him for better or for worse, but not for lunch," suggests that even the most loving partner may become a wee bit tiresome 24/7, over a quar- ter of a century. For these and myriad other reasons, people are choos- ing to spend their time in retirement differently. As a result, retirement is increasingly being defined in terms of financial independence, rather than work status. Financial independ- ence means having sufficient personal wealth so that one does not have to work for money. Without the pressure to maximize their earn- ing potential, people often redefine themselves and the way they spend their time. In the past, having achieved financial independence, people often redefined themselves as "retired;" many stopped working, moved to a warm climate, and enjoyed "leisure" activities. Today, many people who are financially independent continue to work in some capacity and often do not consider themselves "retired." "In Wellesley and Weston there are many people who are financially independent, but who continue to work," explains Ira Rapaport, CEO of New England Private Wealth Advisors. "They are often entrepre- neurs who derive great satisfaction and meaning from their work, or business owners that feel as if they can't leave." They may enjoy flexible arrangements, perhaps spending a few days a month working from a warmer climate. 91 s p r i n g 2 0 1 4 | W e l l e s l e y W e s t o n M a g a z i n e Are You L I S A L E S L I E H E N D E R S O N writer Are You Ready to Retire? 090-102_WWMa14_ready to retire_v3_WellesleyWeston Magazine 2/1/14 4:33 PM Page 91