The rapid pace of technological change means retirement will look a lot different in the next decade.
While it is hard to predict the future, here are eight changes we expect to see coming in the next decade.
Retirement will be a much more enjoyable experience for many, owing to increased wellness. Even today retirees are taking much better care of themselves than the generation before, with increased exercise regimes and better nutrition leading to better preventative health outcomes. We are also witnessing the era of wearable fitness trackers, and this technology will only get better in the coming years, checking and analysing blood glucose levels and noting any blood pressure problems ahead of time. These devices may even be able to contact an ambulance if the device senses you are having a medical emergency, such as a heart attack or stroke.
When a person hits the age of 75, they usually suffer age-related deterioration of vision, hearing and reaction time. This is generally the time that people will either cut back on the distances they are likely to drive, driving at night, or give up driving altogether. But by 2030, however, driverless cars will be commonplace, and this means that retirees can retain their independence for much longer.
More multigenerational homes
As the population continues to increase, so will the costs of housing, and these two trends will lead to more people looking to share housing costs. This will lead to a greater number of people living in multigenerational homes.
We are probably not going to solve absent-mindedness in the next decade, but it will be hard to forget important information as you will be able to set reminders everywhere. This is probably going to be most important in reminding retirees when to take their medication.
Attack of the drones
Mobility issues will be less of a problem in the future, with groceries likely to be delivered direct to your door when needed and drones bringing products directly to your door. Software engineers are already working on this retail technology.
Homes will be more secure
As well as gadgets and cameras to better monitor your residence, it is very likely we will see the end of household keys at some point in the future. Mobile devices will be able to lock and unlock doors at home.
More electronic transactions
Cash is on its last legs already, and soon debit and credit cards will follow. Most transactions will be electronic, with your bank account information stored in your mobile smart device, which you can use to pay for goods and services. The financial dealings you will make on mobile devices (smartphones, smart watches, etc.) will be secured by advanced biometrics, such as voice, fingerprint and face recognition systems.
Your home will be smarter
By 2030, all of your appliances, entertainment screens, locks, lights, security sensors, heating and cooling systems and more will be controlled by your wifi router. You will be able to control your appliances from anywhere. As mentioned above, this will allow your fridge or pantry to order groceries before you run out of them.
How do you think retirement will change by 2030?