I just read an article by Michael Pompian on Morningstar’s website regarding the changing definition of retirement.
Most likely everyone has their own view or idea what their personal “dream” retirement will look like.
Mr. Pompain suggests these visions come under the heading of the “Three P’s”.
Pasture – Play – Purpose
Pasture: This refers to the time when you are simply no longer capable of working or have reached “retirement age”. This may perhaps be the idealized vision of retirement which consists of leisure activities.
Play – This is perhaps a newer definition of retirement used by somewhat younger retirees. They are the more affluent members of the baby boomer generation. They are using retirement to pursue the activities they did not have the time do while working.
Purpose – These are younger retirees who are using their new found freedom to volunteer, start a business, or simply working for fun.
How do these fit into your Dream Retirement?