Title: The Four Pillars of The New Retirement – Age Wave
Headings: The Four Pillars of
The New Retirement

The Four Pillars of
The New Retirement
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The New Retirement and the COVID-19 Effect
Health: Lifespan and Healthspan – Uncertainty and Opportunity
Family: The Expanding – and Morphing – Family Circle
Purpose: The Sustaining Power of Purpose
Finances: Financial Security and the Freedom It Brings
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Content: The Expanding – and Morphing – Family Circle
Positive family relationships and close social connections play a major role in promoting health and total well-being in retirement, while isolation can lead to disability, illness, and a shorter lifespan. For most Americans and Canadians, family extends beyond blood relatives to include families of affinity, anyone they love and care for. Retirees display enormous generational generosity, with a large majority of retirees willing to offer financial support to family members, even if it means sacrificing their own future financial security. In the U.S., 24 million Americans have provided more financial support to adult children due to the pandemic. The vast majority of retirees say they would rely on family if they needed long-term care, yet one of their greatest fears is becoming a burden on their family members. Purpose: The Sustaining Power of Purpose
Retirees with a strong sense of purpose are happier, healthier, and live longer. They report deriving their strongest sense of purpose from spending time with loved ones. They also face a new challenge and opportunity: how to use their newfound “time affluence” with roughly a third of retirees in the U.S. and Canada struggling to find purpose at the beginning of retirement.