As I wait for the ball in Time Square drop to kick off the start of the new year, I can’t help but think of the changes that will come in the next decade, especially with regards to my retirement. With advancing technology and changing times, it’s hard to predict how things will evolve each year. I worry if I have prepared enough for my retirement, and think about ways in which the world will change when it finally comes time for me to leave the workforce in the next few years. If we take a look at technology and think about the different ways that we are currently advancing, we can try to visualize some ways that retirement might look different in 2030 and be better prepared for the years ahead.
For starters, by 2030, your health should be better monitored. With the rise of fitness tracking devices and rumors of microchips, in 2030 they could possibly track blood pressure, take electrocardiograms and even send 911 alerts if they sense you’re having a medical emergency. Personalized medicine has also been on the rise and should be in full swing by 2030. Medical professionals could possibly provide tailored care for each person’s own unique genetic makeup. This could end up taking some of the uncertainty out of medical bills and help you better estimate the money that you will need to save.
With this, your drug store readers may become a thing of the past, virtual reality glasses becoming more popular and more easily attained, and hopefully with a lower price tag in the next few years. By 2030, your car might even drive itself and drones could drop packages right at your doorstep. If you’ve seen the news lately, you might have heard that both advancements are being tested currently. In the next decade, retirees should no longer have to worry about driving and if you forgot to stop at the pharmacy to pick up your medication, it might be as easy as summoning a drone to your doorstep.
Safety measures will also improve if keys and checks become obsolete. Mobile devices will soon be able to unlock your door and mobile pay will continue to grow. Along with your locks, the rest of your house may also soon rely on technology. Smart homes will become smarter and you may be able to control everything from lights to heat with your phone. Hopefully, increased safety will also help protect us from Social Security fraud.
Whatever changes do come in 2019 and beyond, it’s important to be prepared. The professionals at Epstein & White are here to create a personalized plan that takes all aspects of your retirement into account. Click here to schedule your complimentary financial review and start the new year prepared.