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Work until you’re 65 and retire on a 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 U.S. adults. Some 72 percent of Americans want to retire on their own terms, bucking traditional approaches based on age and seeking something more fluid and customized.
“If you intend to retire ‘when it feels right,’ that can be done, but it requires strong discipline and sticking to the plan in place,” said Jarad Stolz, vice president of insurance sales at Diversified Insurance Brokers, Inc., which provides annuities and insurance policies.
Traditional approaches to retirement no longer meet the needs of many Americans looking for alternative paths to their golden years.
Out with the old
For many years, “retire” meant exiting the workforce at a specific age, such as 65. Now, future retirees are finding new approaches to their career sunset that go beyond an age-based starting point.
Nontraditional retirement plans, when done well, can free up retirees to do what they enjoy during their golden years (Getty Images for MSC World Ameri)
“When it comes to age, hitting 65 doesn’t mean you can retire or that you must retire,” said certified financial planner Jay Zigmont, founder of estate planning firm Childfree Trust. “In many cases, your age is the least important factor in determining if you can retire.”
Two popular sources of retirement income are on their way out, said certified financial planner Tessa Steinemann, CEO of True Alpha Wealth Management.
“Two older traditional strategies that have lost relevance for many people are pensions and annuities,” Steinemann told The Independent by email. “Employer pensions are increasingly rare, being replaced with 401(k)s and similar retirement vehicles. Annuities also face skepticism.”
A pension is a retirement plan offered by employers that makes monthly payments to retired employees to support their retirement. Workers participating in private pension plans peaked in the early 2000s, but have since fallen by roughly 25 percent, according to the Department of Labor.
In with the new
A flexible approach to retirement may be necessary as future retirees grapple with whether they have enough money to retire as many live longer than earlier generations, and the prospect of the Social Security system’s supplementary funding running out in as soon as six years.
Some 61 percent of Americans intend to transition into retirement, Fidelity found. That transition can take many forms:
35 percent say they plan to do side hustles or gig work 29 percent want to start a small business 26 percent plan to do part-time consulting 20 percent see themselves switching industries
“Today, many people are phasing into retirement, developing income streams through consulting or small businesses or creating flexible work that complements their lifestyle, mixing part-time income, investments and personal projects,” Steinemann said.
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Rather than stopping work at a certain age, Americans foresee their retirement including a side hustle or gig work (Getty Images)
Part of what’s driving the move to alternative strategies is that people are living longer. The longer someone lives, the more they need to save for retirement.
At the same time, pensions aren’t as popular, so Americans have had to get creative to find suitable financial solutions for retirement.
“With advancements in medical technology and treatment, people are living longer, staying healthier longer, and wanting to keep more control over their retirement and time,” Stolz said. “On the flip side, [fewer] people are being offered traditional pensions, so it is up to them to map out their retirement and put a plan together that will last to and through retirement.”
Some 59 percent of full- and part-time workers contribute to 401(k)s, IRAs, 403(b)s and other non-pension retirement plans, according to a June 2025 survey from polling firm Gallup.
Guardrails are still good
Whichever retirement route future retirees choose, experts say there are a few basic rules to follow.
First, start your plan as soon as you can and revisit it regularly to make any needed adjustments.
“The most important principle is planning early with a professional and revisiting that plan on an annual basis to make sure you are on track,” Steinemann said.
Second, an effective non-traditional retirement plan will emphasize the income retirees will get, not just the total savings needed when they are ready to stop work.
“[Focus] on income, not just accumulation,” Stolz said. “Be sure the plan includes flexibility in uncertain times, and be sure to account for a longer lifespan.”