Retirement The Baby Boomer Way

Retirement will never be the same; baby boomers have redefined what retirement means.

Instead of exiting the workforce like prior generations did at retirement age, many baby boomers plan to stay in the workforce past retirement age.

Boredom Changes Everything

Many individuals of retirement age are staying in the workforce longer due to boredom.   They have nothing to do outside of work; and they are not ready to play shuffle board or take cruises.   They have too much energy for those types of activities.  So if you find yourself with lots of life left to live, you are not alone.

Financially Unprepared

Baby boomers are also being forced to continue working for financial reasons…retirement is costing more than they realized it would.

Life went too fast for many baby boomers, it felt like just yesterday when they started their career or opened their first 401k retirement plan.   All of a sudden they are now in their sixties.   It can’t be time for retirement, they are in debt and not financially ready for it.

Many baby boomers do not have enough money to retire on because they were never going to get old; that was something their parents did.   They still do not feel old.   They cannot possibly be at retirement age yet, they still feel so young.

Fill In Your Financial Gap

You cannot work forever, you need to financially prepare for the day you leave the work force.   Your financial gap may not be as bad as you think it is.

Get a second opinion; work with a financial planner.

Use a retirement calculator to determine how much money you will need to afford to retire.

You may love your work, finances may not be an issue for you.   However, regardless of how young you feel today, tomorrow you may wish you had managed your finances better so you could stop working.    Do not wait until you are at that point, start today; do some financial planning.   You can thank yourself later.

Baby Boomers Haven

Image by thinkpanama via Flickr

Pick Your Energy Channel

When you are at retirement age, you have about 30 more years of life left in you.   Work is not the only way to channel your energy.  You need to figure out other ways.

  • Get Active|Volunteer

If you are financially set, find a better reason than boredom to keep working.

  • There are many charity organizations that could use your talents.
  • Your church may appreciate the donation of your time.
  • Your family would love to see more of you.
  • You can learn new skills, take some classes.
  • Fine-tune your exercise program, take golf lessons.
  • Take a trip of a life-time.
  • Visit all your friends.

Your opportunities for channeling your energy are endless; take advantage of them.