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This Is What Millennials Can Actually Expect From Retirement, According to Experts

http://money.com/money/5662171/future-of-retirement-experts/

money.com

This Is What Millennials Can Actually Expect From Retirement, According to Experts
What will retirement look like in 50 years? Here, 5 experts give their predictions.

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The Future of Millennials

The Future of Millennials

The future of Millennials, the generation born between 1981 and 1996, is hard to predict, just like the Internet was not predicted or known in 1969.

There will be new methods for earning money, new places to live, and new ways to be old in the world. And there will be challenges too, like the ever-accelerating climate crisis.

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Genetic Make-up Evolution

Genetic Make-up Evolution

In 50 years, our genetic make-up and gene-related technology will evolve to be more than just a record. It will be useful and relatively inexpensive.

This way we can figure out what to plan for ourselves, based on how we are, genetically: We’ll probably be able to intervene on the genetic predisposition of people (on conditions like Alzheimer’s and cardiovascular disease).

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Smarter Algorithms to plan everything

Smarter Algorithms to plan everything

As the internet and technology integrate every aspect of our lives, we would have smart algorithms to solve problems that seem daunting right now.

Things like finding the right, high paying job suitable for us, or where to save for maximum returns, tailored to our lifestyle, will be made a reality using these algorithms.

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Retirement: An Optional Luxury

Retirement: An Optional Luxury

The concept of retirement and getting the pension seems outdated and unnecessary in this age of everything being in constant motion, thanks to the digital economy and the app-based world around us.

Retirement would be an option, something a few can afford, while the rest can continue to work, albeit in a different way, thanks to technology.

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Keep Working and Learning

Keep Working and Learning

A life-long commitment to working and learning new skills will be one of the top needs of the future.

Unlike previous generations, millennials cannot just be farmers or postmen that work until the age of 60 and then retire, not knowing anything else apart from the one job done their entire lifetime.

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Money in the Future

Money in the Future

Radical changes in the way money is perceived, earned and saved will impact our lifestyle and retirement goals.

Big companies and institutions will play their part in changing the concept of money and how relevant it is in the next 50 years.

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SIMILAR ARTICLES & IDEAS:

Belongingness

Humans have an inbuilt drive to belong and be accepted. This makes us care about what others think of us.

  • In the pre-historic times, human beings couldn't surviv...

Staying Clear of Imaginary Groups

Out of novelty and boredom, we started being part of 'imaginary' groups just because it is cool to do so. There are groups in social media, or in clubs/bars, in which people join due to desire to be accepted.

If we have our friends, family, a career and a few hobbies, we don't need to attach our identity to a group.

Mission = Value + Vision

Discovering your core values, and having a vision is key to finding your mission.
You have to know where you want to go (Vision) and create a road map that takes you there (Values). Having these foundational pillars in your life makes us less susceptible to what others think and do.

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Be a Professional Cheerleader

Charismatic people offer encouragement instead of skeptically listening to people’s goals and ideas. Find ways to encourage people while still holding them accountable:

Charismatic People Bring People Together

Charismatic people have lots of connections and share them regularly. Highly charismatic people are not only great at meeting new people, but also sharing their talent with their connections by introducing people who they know will get along well.

This quality is part of the reason charismatic people are such sought after connections; they spread their social wealth.

Likability is Key To Your Own Charisma

Likable leaders earn the trust of their team members and treat them well, and that makes the team’s performance better.

Teams with likable leaders tend to be more stable long-term because of lower turnover rates and are also better with changes since they are more likely to have employees committing to adopting to new ways.

What do you do? Tim Ferriss has trouble answering the question. Depending on when you ask this controversial Princeton University guest lecturer, he might answer: “I race motorcycles in Europe.” “I ski in the Andes.” “I scuba dive in Panama.” “I dance tango in Buenos Aires.” He has spent more than five years learning the secrets of the New Rich, a fast-growing subculture who has abandoned the “deferred-life plan” and instead mastered the new currencies—time and mobility—to create luxury lifestyles in the here and now. Whether you are an overworked employee or an entrepreneur trapped in your own business, this book is the compass for a new and revolutionary world. Join Tim Ferriss as he teaches you: • How to outsource your life to overseas virtual assistants for $5 per hour and do whatever you want • How blue-chip escape artists travel the world without quitting their jobs • How to eliminate 50% of your work in 48 hours using the principles of a forgotten Italian economist • How to trade a long-haul career for short work bursts and freuent "mini-retirements" • What the crucial difference is between absolute and relative income • How to train your boss to value performance over presence, or kill your job (or company) if it’s beyond repair • What automated cash-flow “muses” are and how to create one in 2 to 4 weeks • How to cultivate selective ignorance—and create time—with a low-information diet • What the management secrets of Remote Control CEOs are • How to get free housing worldwide and airfare at 50–80% off • How to fill the void and create a meaningful life after removing work and the office You can have it all—really. From the Hardcover edition.

Tim Ferriss

"The New Rich are defined by a more elusive power than simple cash—unrestricted mobility."

Tim Ferriss

The W’s you control

Money is multiplied in practical value depending on the number of W’s you control in your life:

  • What you do
  • When you do it
  • Where you do it
  • With whom you do it.

Fundamental rules for success

  1. Retirement is the worst-case-scenario insurance.
  2. Interest and energy are cyclical. Alternating between periods of rest and activity is essential.
  3. Focus on being productive instead of busy.
  4. The timing is never right. Waiting for ‘someday’ means that you will take your dreams to the grave.
  5. Ask for forgiveness, not permission. Try it and then justify it
  6. Emphasize strengths. Don’t fix weaknesses.
  7. When things are done to excess, they often take on the characteristics of their opposites.
  8. Money alone is not the solution. We often use not having enough money as a scapegoat for not self-reflecting and working out what we want out of life.
  9. Relative income is more important than absolute income. Relative income looks at both money and time.
  10. Distress is bad, eustress is good (the type of stress that helps you grow).