In prior generations, you worked for a company for 30 years, retired at 55, received a pension, medical coverage, and a gold watch. With modest savings, you had few worries in the remaining 10-20 years of retirement.
By contrast, Baby Boomers, the seventy-six million American babies born between 1946 and 1960, are in a state of denial regarding their own aging. The average baby boomer may not be so lucky with retirement. Boomers have higher levels of education than previous generations and an assumption of lifelong prosperity and entitlement developed during the 1950s. With job losses, decreased savings, loss in investments, increased taxes, high housing costs, increased health care costs, and reduced social security, many baby boomers are wondering if they can ever retire.
The answer is
Yes, but this does require some planning before retirement and changing the definition of retirement. Retirement is not an end game, but more of a transition to new opportunities, adventures, and passions. Many boomers will transition into retirement gradually by working part-time. The
bigger and
better philosophy that many boomers grew up with will have to change. That said, we (baby boomers) have many choices about where we live, how we live and how much we spend in retirement. The options are endless, but they are dependent on good health, a willingness to learn and grow, and embracing a more simplified life.
Planning
Successful retirement begins with planning before you retire. It is important to identify the things that bring passion to your life. How do you envision yourself in retirement? Begin by making list of your interests and your accomplishments and create a
what if list.
-For those who have worked in the same field for most of their careers, what if you explored a new field? Volunteering, mentoring, and part-time work are excellent opportunities to experience a new field.
-For those who love to travel, what if you took an extended vacation? What about a vacation that allows you to travel for several weeks or months in a new country immersing yourself in their language, food, and culture?
-And for those who have a part-time hobby, what if you had more time to indulge in your hobby?
Simplification
Another key component to success in retirement is simplification. We spend so much of our lives accumulating and owning
things. Ask yourself these questions:
-Do I really need this? Do the things I have define who I am? Do they make me happy?
-Am I doing something that is physically, emotionally and mentally stimulating?
-Am I spending time with people that make me happy?
-If I had a short time to live, what would I be doing and who would I want to be with?
Based on your answers, what could you do to simplify your life and focus more on your passions?
Happiness
Happiness at any age is about knowing who you are and having the courage to pursue your passions. Any kind of change can be scary and challenging at any age, but fear can prevent you from achieving your goals in retirement. Once you do retire, you have to let go of all the
I should have done this and surround yourself with friends and family and do the things that bring you joy. You do deserve this, so don't be afraid to make this the retirement you want.
