\nIf you want to retire on 50 per cent of your income and save less than 20 per cent of your salary, this will be inevitable. Don\u2019t believe government projections; for good or ill, you will need to work much longer than you think. Longevity and the issues it creates \u2013 for government and corporations, as well as for you \u2013 may be a major preoccupation in your life.
\n2. Focus on your intangible assets<\/b>
\nAs working lives change and people work for much longer, you\u2019ll need to build your intangible assets, such as networks, friendships and skills. In addition, transferable skills will be crucial as industries undergo important structural changes.
\n3. Prepare for transformation<\/b>
\nThe notion of the traditional three-phase life \u2013 education, work and retirement \u2013 is increasingly becoming outdated. The idea that we can condense our life milestones (education, job, family) into the first half of our life and then retire in the second half is not reflective of our greater longevity.
\nTo keep working, you will need to undertake education at different stages of your life and be prepared to continually adapt to a rapidly changing workforce throughout your career.
\n4. Think hard about your skills<\/b>
\nThe capacity to transform yourself and your skills throughout your life will be absolutely crucial. The types of jobs available will change. Artificial intelligence (AI) will replace some; driverless cars, for example, may become the norm. IBM\u2019s Watson, an AI program, is trained across many different roles, including quite sophisticated ones such as cancer diagnosis. Non-routine jobs requiring creativity, cognitive complexity and analytics will be the ones where machines make least impact.
\n5. Balance work and home<\/b>
\nCharles Handy coined the term \u201cportfolio life\u201d in his 1989 book, The Age of Unreason. The portfolio life refers to one that has less delineation between work, family and interests. Gratton refers to the energy cycle between work and home and suggests that it needs to be a positive rather than \u201ccaustic\u201d cycle, given the length of a working life.
\nThe relationship between the corporation and the individual has moved from parent-child to adult-adult, and it will be up to individual adults to create the life they desire.
\nContributed by – Chris Sheedy
\nThere is no doubt the world around us is changing at a pace that\u2019s hard to keep up with and I suspect it\u2019ll only move faster in the years to come.
\nShould you wish to discuss your financial goals & aspirations in a changing world, from investment opportunities to longevity risk (will I outlive my money), then I invite to make contact for a free discussion.
\nIf you would like to know more about how we may be able to help you plan for your future, call Chan & Naylor Wealth Planning on\u00a01300 99 77 34<\/b>\u00a0or request a free call back service at www.chan-naylor.com.au\/free-call<\/a> for a complimentary initial consultation.
\nDavid Hasib – Director, Chan & Naylor Wealth Planning<\/b>
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As longevity extends and the way we work is transformed, a new work-life model is replacing the traditional career path of the past. Those 55- to 65-year-old employees within your organisation have mostly followed a typical three-stage path involving education, career and retirement. It…<\/p>\n","protected":false},"author":176692471,"featured_media":8896,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13,17,25,27],"tags":[],"class_list":["post-8808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story","category-property-investment","category-sponsored-channels","category-trends-topic"],"yoast_head":"\n