As financial conditions change daily around the world, people are wondering if now is a good time to retire. New fears about the future make it seem like one shouldn’t even consider retirement. Whether there are worries about money, health care, or creating a new life, one thing is for sure: This is not our parents’ retirement.

If you believe the latest news reports, baby boomers have done a poor job of saving and preparing for retirement. The United States has one of the lowest savings rates in the world. But is it realistic to expect people to work forty years and at the same time save enough to finance another thirty or forty years of retirement?

When the retirement age was established in 1934, life expectancy was 65 years. The idea at the time was that if a person lived that long, it was appropriate to provide him with a pension to see him through to the end of his days. Social Security was never designed to support the majority of the population for a third of their lives.

The retirement model must change. The idea of ​​working thirty or forty years and then doing nothing but collecting a pension is not realistic. The new extended longevity of life opens up options that need to be evaluated. Deciding the right time to retire involves a number of factors, not all of them financial.

Just like people in the military, police, and firefighters, Mark retired from the entertainment industry at a young age. Although some of his financial needs were met by a pension, he started a business from his home, which allowed her to raise his son and contribute additional income to the family.

Now his son is graduating from high school and Mark is looking for a new challenge. He would still like to make money from his new venture, but the focus is shifting to work that contributes to society. He is looking for a job that is challenging and rewarding, as well as providing income. An informed 77% of baby boomers expect to continue working, at least part-time, after traditional retirement age.

While some will never retire due to financial reasons, many baby boomers are exploring part-time work, making a career change to more fulfilling work, starting a business, and modifying their lifestyle to accommodate new interests. People who have experienced a happy retirement report that money was not the main factor in their well-being. Understanding what you need to be satisfied in life is a key factor in planning for the future.