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Kerri Miller and Marcheta Fornoff

Chris Farrell on finding 'Purpose and a Paycheck' after retirement

Purpose and a Paycheck
"Purpose and a Paycheck: Finding Meaning, Money and Happiness in the Second Half of Life", by Chris Farrell
Courtesy of publisher | HarperCollins

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Is it time to rethink retirement?

Marketplace senior economics contributor Chris Farrell thinks so.

In his new book, "Purpose and a Paycheck: Finding Meaning, Money and Happiness in the Second Half of Life," Farrell says that seniors are increasingly using retirement as a way to reinvent themselves.

Baby boomers retiring today are better educated and healthier than those who retired before them. Their longer life expectancy means they have more time and energy to try out new trades.

"People in their 50s and 60s are launching new businesses at nearly twice the rate of people in their 20s," Farrell writes.

For some, this experimentation comes from passion. For others, it's more pragmatic.

"Most people realize that it isn't realistic to expect that they can save enough over a 30- to 35-year career to live off savings, plus Social Security, for another two or three decades," Farrell notes.

Chris Farrell joined MPR News host Kerri Miller for a conversation about how Americans are rethinking what it means to be retired today.

To listen to the full conversation you can use the audio player above.