The boomer generation is redefining retirement
What Does Retirement Look Like to You?
by Amy Sherman
Launching a Successful Part Time Business in Retirement
A Tool to Determine the Best Time to Take Social Security Benefits
Could Debts Ruin Your Retirement?
You have to admit that you aren't getting any younger. But with 78 million of us still employed, you are forcing companies to reinvent what it means to be "old" and still working. Many of you don't have to think about retirement for another five to ten years, and others are contemplating that transition now. To avoid the confusion and maybe frustration, it's wise to think about what you really want to be experiencing in your job and after to make "retirement" an easier transition.
If you have some time to think about this, the ideal job for baby boomers would include flexible hours, so you have the availability to care for your aging parents and growing children. It may mean working fewer hours with an option of working from home, communicating by phone or via the computer.
For those of you considering something new, another ideal job would be venturing into entrepreneurship, becoming your own boss, by doing what you truly love. This may involve going back to school for additional training or education to be sure you are up-to-date.
According to Marc Freedman, author of Prime Time, baby boomers are causing society to reassess what retirement truly means. No longer are you expected to play golf all day long, but you are exploring a mix of working and relaxing and perhaps dabbling into new ventures.
Sometime between the ages of 50 and 70, you will be considering retirement. Every seven seconds, someone in America is turning 60 and searching for something more than leisurely staying at home. They are looking to reinvent themselves as they transition into this new phase of their lives.
Consider what you want. Consider what it would take to do it. You have a lot of clout and ability to redefine work to fit your needs. You are more active and healthier and you probably want to ease into retirement slowly, instead of making a clean break. This process can be started now if you think about it. Develop your ideas and implement your career transition plan by researching your options. Then create the ideal job that reflects the perfect balance you are looking for.
Take the Next Step:
- How do you know when it's time to start a new chapter in your life?
- Visit the TDS library for more on planning for the nearly retired.
- Subscribe to After 50 Finances. You've learned how to work smarter, not harder. This weekly newsletter is dedicated to people just like you. Subscribers get a FREE copy of our After 50 Finances Pre-Retirement Checklist, a list of everything you need to do to be ready for retirement.
- Determine if debt could derail your retirement and what you can do about it now. Our checklist can help you. Afterall, one of the most important ingredients for a comfortable retirement is to be debt free when you retire.
- Find information geared specifically for Baby Boomers in The Dollar Stretcher section dedicated to your financial issues. If you're over 50 your financial needs are different. And so are your questions.
Share your thoughts about this article with the editor.
Debt is preventing me from saving as much for retirement as I should be! Tell us: Yes, debt is hindering my ability to save for retirement and I could use help dealing with it! or No, debt is not a problem but I'd love to discover more ways to save as I head into retirement!
Baby Boomer Tools & Resources
Trending in Baby Boomers
- 6 good reasons to put an annuity in your 401(k) or IRA
- 6 great reasons to use Social Security's website
- 6 ways to receive your payouts from an adjustable-rate reverse mortgage loan
- Pros and cons of saving for retirement through your state
- The benefits of living in a mobile or manufactured home
- Virtual retirement village an affordable elder care option
- Things to think about before adult children move back in
- This week's Readers' Tips