The very definition of retirement is tied to the concept of work, the dislike of it, and the idea that we all want to give it up at some point and head off to enjoy life. But as life expectancy increases, many are rejecting this all-or-nothing concept. We’re finding that work and the enjoyment of life don’t have to be mutually exclusive.

Most Baby Boomers today have seen about 15 years added to their lifespan during their lifetime. Gen Xers will see more. The average 60-year-old in 1954 lived to a life expectancy of about 71 years old. A 60-year-old today is expected to live beyond the age of 85 for men and 88 for women.

Knowing when to take the plunge and embrace your retirement years can be predicated on a number of factors.

More than 50 per cent of Boomers will live longer. It’s driving a massive change to what we can do in the middle and later years of our lives that used to only be reserved for the process of growing old.

There are no expectations for the second half of life other than the idea that one day you’ll retire. But I debate the need to “retire” as early as we are. I think we all need to take a hard look at how we could have the best of both worlds – embracing this as the prime time of our lives, where we can work at our choice of pace, travel, enjoy life and really dig into our relationships in a way we’ve never had time to.

Nicki Bean wrote to me this week: “I’m 62 and retired two years ago. Despite being really active, travelling lots and trying to fill my life with meaning, I feel like I should never have given up working. I feel like I’ve lost my whole sense of purpose.”

These letters fill my inbox most weeks as people try to reconcile the old definition of retirement, with their new longer lives and their hunger to remain fulfilled.

As life expectancies expand and superannuation grows, it’s worth understanding your choices.

Modern work plays an exciting role in many peoples’ lives. And, with the shortage of workers, and the flexibility that workplaces are embracing, working longer looks possible. That changes how we shape our finances, and frankly, our futures.

We’re raised by the financial services industry to plan for our ultimate retirements and we should. But there’s an even more important point that we should really understand, and that’s the point where we can move into the phase where we choose what we do with our time. I call it our “tipping point”. It can come a long way before true retirement.