Work until you’re 65 and retire to the beach in Florida – it’s been an American tradition.
While Florida may still be a retirement dream for some, the majority of future retirees no longer want to retire at a fixed age, according to a recent Fidelity survey of 2,015 US adults. About 72 percent of Americans want to retire on their own terms, following traditional age-based patterns and looking for something fluid and organized.
“If you’re determined to retire ‘when it makes sense,’ that can be done, And it takes a lot of discipline and sticking to the plan in place,” said Jarad Stolz, vice president of insurance sales for Diversified Insurance Brokers, Inc., which offers annuities and insurance policies.
Traditional retirement options no longer meet the needs of many Americans who are looking for alternatives to their golden years.
Get out the old ones
For many years, “retirement” meant retirement at a certain age, such as 65. Now, people who will retire in the future are finding new ways to sunset the workday that has passed since the beginning of the age.
“When it comes to getting older, hitting 65 doesn’t mean you can or must retire,” said certified financial planner Jay Zigmont, founder of estate planning firm Childfree Trust. “In most cases, your age is the most important factor in deciding whether you can retire.”
Two popular sources of retirement income are on the way out, said certified financial planner Tessa Steinemann, CEO of True Alpha Wealth Management.
“Two classic strategies that are no longer working for many people are pensions and annuities,” Steinemann said. Independent by email. “Employer pensions are rarely increasing, being replaced by 401(k)s and similar retirement vehicles. Mutual funds also face uncertainty.”
A pension is a retirement plan offered by employers that pays retired employees monthly to support them in retirement. Workers participating in private pension plans peaked in the early 2000s, but have since declined by about 25 percent, according to the Labor Department.
Meet the new one
A more flexible approach to retirement may be necessary as soon-to-be retirees struggle with having enough money to retire as many live longer than previous generations, and the expectation of additional Social Security benefits ends as soon as six years.
About 61 percent of Americans plan to switch to retirement, Fidelity found. That change can take many forms:
- 35 percent said they plan to do sideshows or sports work
- 29% want to start a small business
- 26 percent plan to conduct interim interviews
- 20 percent see themselves changing industries
“Today, many people continue to retire, develop ways to earn money through consulting or small businesses or create a simple job that fits their lifestyle, combining temporary income, investments and personal projects,” said Steinemann.
Part of the motivation for moving to other strategies is that people are living longer. The longer a person lives, the more money they need to save for retirement.
At the same time, pensions are not popular as Americans must be creative in finding the right financial solutions for retirement.
“With advances in medical technology and treatment, people are living longer, living longer, and they want to control their retirement and timing,” Stolz said. “On the other hand, [fewer] people are given a traditional pension, so it’s up to them to map out their retirement and put together a plan that will last until they retire. ”
About 59 percent of full-time and part-time workers contribute to 401(k)s, IRAs, 403(b) and other non-retirement plans, according to a June 2025 survey from the Gallup polling firm.
Guardrails are still good
Regardless of which path retirees choose, experts say there are a few basic rules to follow.
First, start your plan as soon as you can and visit it regularly to make the necessary changes.
“The most important principle is to plan ahead with a professional and review that plan annually to make sure you’re on track,” Steinemann said.
Second, an effective non-traditional retirement plan will emphasize the amount that retirees will receive, not just the total amount of savings needed when they are ready to retire.
“[Focus] with income, not just accumulation,” said Stolz.
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