In the last few years, the fixed image of retirement has been dramatically changed. The generation at the moment, the millennials, is no longer limited by what may be seen as the "Golden girl"-image, they welcome communal housing as a practical, comfortable option to the conventional retirement model. It is all about economics, sociology, and the psychological desire for companionship in old age.
The Appeal of Communal Living
In the television series "Golden Girls", a group of elderly persons are living together in the same household, which elicits feelings of comfort and mutual care between each one of them. This model interacts with millennials experiencing turbulent economic times, and seeking ways of obtaining affordable housing. Expense pooling has been used by individuals to lower the cost of living, and sharing living experiences (collective living) is becoming a popular proposition to the retired who would want to make the most of their retirement income.
Besides the financial gains, communal living induces a community effect and relieves the experience of loneliness. Talking about the working processes and tasks can foster a stronger tie and a happier mood. While social organization is changing, the role of defined family and affiliative networks is becoming more obvious.
Economic Realities and Retirement Planning
Millennials face, in addition to all other pressures, this strange bunch of financial challenges, not to mention the exorbitant number of students in debt, and the inescapable high number of housing costs, and, consequently, a real pulverization of competition in the field of labor. There is a possibility that demotivation even by a very simple system of retirement savings, may require a change in a retirement plan. Social cohabitation is a sustainable way to lower personal costs and promote shared investments to build or renovate houses and structures.
Financial seems to have observed the dynamism and stress and highlights the requirement for a proactive and continuing saving. As Morgan Stanley points out, even with small initial amounts, if retirement contributions are made early, it can make a huge difference in the long run from the power of compound interest. However, living together (communal living) has the potential to reduce financial burden even more, by combining accommodation costs with a group of other people.
Social Dynamics and the Rise of Chosen Families
However, with regard to the reduction of the traditional family structure and declining marriage rates, new support systems have appeared. Millennials are also reported to be extremely social with regard to "outcomes" (i.e. friendships), and a trend toward collective residential dwellings is also emerging. It might seem contemporary, not only from an economic point of view but from an overall strategic decision, in order to build communities, in order to foster a feeling of belonging and support among each other.
The idea of "micro retirements," which is the practice of taking artful escape breaks in and out of the workforce, is congruent with aspirations of personalized, meaningful, and flexible lifestyles. These stages also present opportunities for growth, travel, and experience to question a fixed notion of retirement taken for granted. Being able to live in communal households can make this kind of life a reality at all times by providing a constant opportunity to find, and by encouraging a highly adaptive structure with which to attempt adaptation to these new situations.
Challenges and Considerations
On the positive, there are many advantages of being in a colony, but there are also many disadvantages. Financial control, the setting of family rules, and the forming of interpersonal control have to be based on a defined communication and discussed mutual understanding. However, legal aspects such as property ownership and estate planning will need to be taken into account to maintain the longevity and stability of the arrangement.
Furthermore, the social reception of new living designs may be cut off. Yet, as more and more models get used, they will be, by their very nature, likely more subject to attention and acceptance as they begin to loom larger. The effectiveness of such arrangements depends on subject involvement being part of the process of collaborative activity and being committed to the pursuit of shared objectives.
The Future of Retirement Living
With millennials thinking again about retirement, the pull of Golden Girls-style communal living is on the rise. This model provides a humane and enjoyable option to conventional retirement that centers around the role of the resident of a community at a minimal cost and which can be tailored to the needs of individuals. Using this synergy, people now can develop pleasing surroundings to improve the experience of aging in later years.
The changing retirement ecosystem reflects broader societal movements toward flexibility, community, and group experiences. A whole generation of millennials stands on the front lines of this paradigm shift, with the generation of innovative containerized versions of life in relation to the demand to be coupled with and to promote the common good. With these advances, they are equipped to change the aging and retirement paradigm of the 21st century.
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