Meanwhile, close to 41% of seniors were only "moderately satisfied" with their lifestyle, while less than half of seniors found retirement "very satisfying." The percentage of retirees who identify as "very satisfied" has dropped from 60.5% in 1998 to 48.6% as of last year, which paints a somewhat bleak picture for today's older workers. Even those who have saved independently are apt to struggle financially in retirement. When we factor in Social Security -- which, for the average recipient today, equals about $1,360 a month -- that's still just $21,000 a year to live. If you're an older worker who's thinking of retiring, you may want to hold off until you've had time to figure out not only what you want out of retirement, but whether you're in a strong enough financial position to get it. Currently, workers who are 50 and older can sock away up to $24,000 a year in a 401(k). Though you might think you're ready to retire, be sure to understand the challenges that come with no longer working. The more thought you put into the decision, the more likely you'll be to one day check the "very satisfied" box on a retirement survey yourself. Not only is this video presentation free to view, but you can even talk to a Motley Fool Financial Planner about your specific financial needs. Motley Fool Wealth Management, an affiliate of The Motley Fool, is a separate entity that is registered with the U.S. SEC, and all investment decisions for client portfolios are made independently by the asset managers at MFWM.
Every person, regardless of age, can participate in creating a livable community. According to a newly published report from Generations United, opportunities that bring different generations together—even the tougher ones involving “tack[ling] critical problems” benefit the entire community.
Though somewhat counterintuitive, finding solutions to meet the needs of older adults must involve voices and collaboration coming from people of all ages. Various generations offer different perspectives, and in fact, people of all ages gain value from age friendly concepts. A recent project we led proved to be a living example.
A Winning Project
The likelihood of having a disability that limits a person’s mobility increases with age. Homes with physical barriers can present risk of falls and injuries, especially for someone with mobility challenges. In 2016, AARP and its partners called for submissions to a competition-style project that sought new solutions for homes that best accommodate our needs as we age. “Re-Defining Home: Home Today, Home Tomorrow,” developed through AARP’s Future of Housing Initiative, asked architects to redesign an existing home while embracing the concept of universal design—that is, design that supports and empowers all people and families: retirees, caregivers and their loved ones, people with disabilities, singles, and young and multigenerational families.
AARP and partners renovated a home in Memphis, TN to incorporate universal design features to accommodate the needs of residents as they age. New features include an open space floor plan with flexible space, wide hallways and spacious bathroom with a curb-less shower.
Photo: Benjamin Rednour
Entrants were challenged to discard typical designs usually targeted towards older adults such as ramps or shower handrails. Rather, competition judges wanted to see evidence of innovative thinking around how affordability, flexibility, community, accessibility, beauty and functionality could best be reflected in a home for people who want to remain in their homes as they age.
The winning team included three junior architects, from IBI Group—Gruzen Samton,…