In the past, housing and transportation were the main costs, alongside the ever-looming potential for health concerns and the costs they bring.
Scottsdale, AZ (PRWEB) June 09, 2015
The changes coming for those in retirement are hard to predict as technology continues to change and evolve, a recent Wall Street Journal article warns. While in the past retirement costs have been fairly fixed and easy to predict, today they are becoming more difficult to understand with the growing need to connect to the Internet of Things, and the monthly costs these connected devices bring. Jason Hope, Arizona entrepreneur and futurist, believes the Wall Street Journal article brings up a point worth considering.
In the June 1 article entitled "How the Internet of Things will Upend Retirement," Joseph Coughlin describes these changes as a two-sided coin. On one hand, connectivity will make it easier for loved ones to monitor the health and well being of their retired family members, even from afar, allowing individuals to live independently longer. On the other hand, all of these connected devices include monthly service fees and costs, which may not have been part of the original retirement plan.
Jason Hope believes this is a valid concern. "In the past, housing and transportation were the main costs, alongside the ever-looming potential for health concerns and the costs they bring. Today, routine costs for monitoring services, cell phones, Internet and more all drive up the cost of retirement. Yet living retired life without these conveniences will soon become unthinkable."
Another factor to consider is the amount of privacy that is lost when one becomes connected. Individuals living in a smart home are automatically giving up some of their privacy. For older adults, privacy may be too important to give up in this way.
So what is the modern retiree to do about this? Unfortunately, this is new territory. Retirees will have to consider their budgets and their incomes and determine which devices they can afford and want in their homes, regardless of privacy concerns. No matter what choices are made, it's clear that the Internet of things is changing the way retirement will work in the very near future.
About Jason Hope
Jason Hope watches the development of the Internet of Things with great interest from his home in Arizona. He is an entrepreneur and futurist who believes that technology has great potential to improve the future. Learn more about his research and work at http://www.jasonhope.com.