Traditional perception is obsolete.

• Position: Retirement - Brief Article - Statistical Data Included

A study sponsored by AIG Sun-America, which specializes in retirement savings and investment products and services, shatters many long-standing, traditional perceptions of retirement in the U.S. and provides an in-depth look at the "four faces of retirement." Based on comprehensive interviews with more than 1,000 individuals age 55 and over, the study has critical implications for baby boomers nearing retirement and offers insight into how these men and women, as well as future generations, can reach their full potential in the retirement phase of their lives.

A broad range of psychological, emotional, lifestyle, and financial topics were covered, and a new face of American retirement has emerged that challenges conventional norms. The majority of retirees and preretirees do not regard retirement as a time of rest and relaxation. Rather, they see it as a new, active stage of their lives characterized by continued personal growth, personal reinvention, and new beginnings in work and leisure.

Ageless Explorers (27%) personify a new ideal for retirement. It can be seen as an exciting fresh phase in their lives as they would rather be too busy than risk being bored. These retirees have high levels of education and the highest net worth. They have saved for retirement an average of 24 years, feel prepared financially for retirement, and appear psychologically ready to make the most out of this stage of their lives.

Comfortably Contents (19%) seek to live the traditional life, where they relax and enjoy their golden years. They aren't as interested in work or contributing to society and are less willing to risk feeling stressed in retirement. They saved an average of 23 years and spend their time on travel and other recreational activities.

Live for Todays (22%) aspire to many of the same new retirement ideals laid out by Ageless Explorers and, in fact, may be even more interested in personal growth and reinvention. However, they appear to have been focused on living for the "here and now" and are burdened with worry that they did not adequately prepare financially for retirement. This group saved an average of 18 years and are likely to continue working in retirement.

Sick and Tireds (32%) are living the worst-possible retirement scenario. Less educated and with fewer financial resources, they have low expectations for the future. They are more likely to have been forced into retirement by poor health, took few steps to prepare for retirement...