In 1881 the average life expectancy in Europe was 44 years. In that year, Otto von Bismarck presented a novel thought to the Reichstag: government support for older citizens who could no longer earn money. In just one speech he invented the concept of retirement.
Since then, the concept has become a staple of financial planning and for some odd reason many assume that during retirement you do nothing. For most, the concept of retirement is the time of life when you no longer need to work to live comfortably and can rely on savings or passive forms of income to fund your lifestyle. Retirement and the term “financial independence” are often used interchangeably. Both are achieved when you have enough combined savings, investment income, and/or pension income to cover your living expenses. But is it really when you do nothing? Curl up and die? Well maybe. But if you do nothing its bad for your health. Simply put, if you do retire with nothing to motivate you to get up the data shows you have a greater chance of needing long term care...the fact is you actually live longer and are healthier if you work longer.
The London Telegraph had a good article about retirement today. Read on to see 'Why retiring is bad for your health – according to the 70-somethings who refuse to quit!'
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