As the average retirement age continues to rise, will passive income be the solution?

Group 1: Retirement Age and Financial Planning - The average retirement age has increased to 65 for men and 63 for women, up from 63 and 60 in 2001, attributed to factors like increased life expectancy and rising healthcare costs [1] - A retirement nest egg is estimated to need between $500,000 to over $1 million, influenced by pre-retirement income, inflation, and wage gaps [2] - Retirement strategies may require a combination of building investment accounts, business income, and managing enterprises to refine target retirement age [9] Group 2: Passive Income Strategies - Joseph Drups transitioned from traditional employment to small business investing, seeking passive income through existing local businesses rather than startups [3][4] - Drups' income grew significantly from modest beginnings, but he acknowledged that it was not truly passive income, as he was effectively "buying a job" [5] - Sam Dogen criticized the small business investment strategy for not being genuinely passive, advocating instead for a diversified portfolio of stocks, bonds, and rental properties [6][7] Group 3: Challenges and Lessons in Passive Income - Dogen shared his experience of losing financial independence due to poor investment decisions, emphasizing the importance of maintaining a balanced approach to passive income [8] - He advised that if saving and investing does not feel challenging, individuals are likely not saving enough for retirement [10]