For many working Americans, visions of retirement are dreams of leisure. A convertible cruising up the sun-soaked coast, a golf cart parking next to a lush ninth hole, a simple morning stroll along a quiet lakefront path. But in today’s post-recession world, many are beginning to see that these dreams may simply be that: dreams, ones that may never be fully realized.

The economic reality facing many Americans means that retirement is not what it once was. Today, Americans are faced with diminishing pensions, shrunken portfolios and increasing health care costs. Financial experts are stressing the need to save more, spend less and work longer.

But while the retirement picture is different than it was for generations past, that’s not to say it’s entirely bleak. Americans are living longer than ever before, and with the aging of the boomer generation, today’s retirees are a force strong in numbers. They are confident, tech-savvy and energetic. They are a determined generation, redefining what it means to age in this country and find fulfillment in their golden years.

A Demographic Shift

At this year’s Retirement Research Consortium meeting in Washington, D.C., Joseph Coughlin of MIT’s AgeLab presented compelling statistics about the country’s changing demographics. “The context and definition of retirement is changing,” he said, adding that in 2047, there will be more Americans over age 60 than children under 15. “The country will have the demographics of Florida.” Coughlin predicted that the attitudes of America’s aging population would be different than generations past—more confident, less polite than their parents’ generation.

This is a demographic that knows what it wants, and as they reach their retirement years, they are unlikely to sit back and take things as they come. The financial picture has changed for many, but perhaps today’s retirees will take control—forging their own path and changing society’s perception of the golden years.

When it comes to achieving happiness, several longevity experts have highlighted a number of key elements said to have the largest impact on an overall sense of fulfillment for aging adults.

Key Elements of Satisfaction: Financial Security Health Legacy Home Leisure Work

These elements are entwined, mixing together to create a complex picture of one’s personal fulfillment. No doubt, the current economic climate has impacted the health of each of these fundamentals for many—affecting how long they need to work, how much they have saved and where they can afford to live. But perhaps Coughlin’s remark about a sense of confidence among this generation will help them conquer these factors in their own way. Maybe this sense of boldness will enable them to actively redefine what it means to live a happy retirement.

Work & Money

It’s no secret that Americans are not saving enough for retirement, but just how little many have socked away is alarming. Nearly one-third of retirees have less than $1,000 in savings, according to the Employee Benefit Research Institute. In light of this, it makes sense that roughly 30 percent of boomers who participated in a 2010 AARP study said they don’t plan to retire until after 70, and 40 percent said they planned to “work until they drop.”

But the AARP study also reveals other interesting facts. While some reported feeling uncertain about the future, most felt hopeful (87 percent) and confident (84 percent). The study concluded that this first wave of baby boomers were “feeling good and not ready to quit.”

A more recent study by the AARP, released just last month, revealed that 37 percent of respondents plan to continue to work for pay in retirement, with 73 percent expressing a desire to work part time, prompting the association to claim that “work is the new retirement.”

AARP research points to a continuing trend toward a more active retirement. “There has been a long-term, steady, incremental increase in people working into their retirement years. For example, in 1985, 10.8 percent of those Americans 65 and over were in the workplace, working full or part time. That percentage has slowly moved up from year to year,” an AARP spokesperson tells TRR. “As of July of this year, 18.6 percent of those 65 and over were in the workplace.”

“AARP surveys have shown that people work into retirement for several reasons, whether it is for financial reasons or for personal enrichment,” the spokesperson says. But the AARP notes that financial reasons are not the only motivation for older adults to remain in the workforce. Of the respondents in the 2015 survey who said they wanted to continue working, the top reasons cited were a desire to connect with co-workers, to find interesting and challenging work, and to establish a work-life balance in their later years. Some respondents also expressed a desire to change fields, hoping to pursue their dream job in this next chapter of their lives. Clearly, a shift is taking place. Many older Americans are looking to balance their desire for leisure time with the satisfaction they get from their work.

Home

Another major determinant impacting one’s sense of happiness is their home. Today, older adults have many choices when it comes to their living situations—some downsize, join retirement communities, move to assisted living residences or remain in modified versions of their current homes. Interestingly enough, although many might think downsizing to be the most common move for older adults, just under half (49 percent) of respondents in a comprehensive study by Merrill Lynch moved to a larger home.

Americans claim to feel a new sense of freedom in retirement, and the ability to live where they want to is a major factor in this sense of independence. In the Merrill Lynch study, 64 percent of respondents said they plan to move at least once, and most cite a desire to be closer to family as a leading motivator.

Older adults, it seems, feel more connected to their communities than their younger counterparts, suggesting that the decision to relocate or stay put is a weighty one, strongly tied to their attachment to their neighborhood and their sense of belonging.

Of course, another key factor impacting a senior’s living situation is their potential need for care as they age. USA Today declared that 70 percent of adults over age 65 will require long-term care at some point. The respondents in Merrill Lynch’s study indicate an overwhelming preference for in-home care. Other studies point out a significant shift in how seniors are receiving long-term care, with nursing home attendance dropping while the demand increases for in-home care aides.

Financial Security

Not having enough money to fund retirement is the leading financial concern among Americans, according to a Gallup Poll, which notes that 66 percent of its 1,100 respondents cite this as their greatest worry. While multiple studies prove the validity of this concern, there are myriad options available for those who are willing to actively pursue creative ways to finance their golden years.

A reverse mortgage, for example, is one such option. For many seniors, the home equity they have spent years building has become a substantial part of their net worth. On average, homeowners over age 65 have more than $200,000 of equity in their homes, according to the Merrill Lynch study. The NRMLA/Riskspan home equity index indicates that homeowners 65-plus have $4 trillion in aggregate home equity. For these homeowners who wish to access their equity to achieve a sense of financial security in their retirement years, a reverse mortgage can be a solid option in the right situation. By accessing their equity, seniors can support their desire to age in place, enabling them to make renovations to their residence to enhance its functionality or pay for in-home care. Using the reverse for Purchase loan, homeowners who wish to relocate can use the equity in their current home to purchase a new one.

With energy and confidence, this generation of retirees is likely to find the solution that works best for them—whether they choose to work longer, utilize public benefit programs, downsize or access their home equity. Part of the new retirement picture involves the active pursuit of financial stability.

A New Kind of Retirement

A study by the Brookings Institute reveals an interesting fact about human beings as they age. Through an analysis of worldwide data, the study concludes that, generally, a person’s happiness increases with age, reaching unprecedented levels by age 70. The study suggests that, even though the logistics of retirement and aging can be daunting, many do experience a sense of fulfillment in their later years, perhaps finding peace in a life well lived.

Retirement in today’s world means something different than it did a generation ago. Many baby boomers are active, energized and eager to enjoy this new phase in their lives. Yes, some may need to scale back their expectations, working longer than they had planned or clinching their purse strings just a little bit tighter, but there are still great opportunities for older Americans to embrace this stage in life.