How Baby Boomers Will Change Retirement (Planning)
Every generation will leave their mark somehow, someway. While we can never be sure what their mark will, it seems that the baby boomer generation will leave its mark on retirement (and what future generations will think about it for years to come).
An article published in Senior Living (based on a news release from Merrill Lynch) detailed how retirement will be changed by baby boomers, by mixing work and play, like no other generation has done before. Here are some of the ways baby boomers will change retirement as we know it:
There is a new retirement turning point coming. The average baby boomer is likely to retire from their current job/career at the age of 64 and launch into another one. In a sense, the retirement age will be the basis for changing your career path, not removing yourself from the game entirely.
The “longevity bonus” will create a new stage in life. The fact that baby boomers are living longer than pass generations will ensure that they remain active longer, retiring, if at all, in their late 60’s (or early 70’s) instead of their early 60’s.
Baby boomers will reject a life of full-time retirement or full-time work. Retirement used to be about retiring completely to a Florida community and never working again. In the future, retirement will become more about the balance between life and work, not just one or the other.
Baby boomer women are thinking of retiring to “Mars” and baby boomer men are thinking of retiring to “Venus.” Men are looking forward to working less, relaxing more and spending more time with friends and family. Women are looking at retirement as a way to develop professionally, become more involved with the community and continue personal growth.
One retirement plan does not fit all. With the growing uncertainty over government programs, baby boomers continue to look for alternative ways to supplement their retirement. What worked in the past, doesn’t work anymore, leaving baby boomers open to alternative retirement planning methods.
There are many options available in order to supplement your retirement.
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