ARTICLES & REVIEWS
Boomers Retread
As the leading edge of the boomer generation turn 57 this year, they face a type of retirement not faced by their parents and grandparents. The boomers are concerned about a potentially longer life expectancy. They are also the sandwich generation, having to face such issues as caring for aging parents, adult children (who often return home), changing situations with a spouse facing physical changes, enduring the effects of menopause and the male equivalent of andropause. This generation also endures the stress of downsizing and layoffs where even the best laid plans may come undone. Add to all this the last three years of negative markets on equities, the awareness of friends being stricken by illness or death and all this change results in the "un-golden" retirement that seemed to be such a dream.
The over fifty generation accounts for an astounding 44% of Canadian households today. Retirement planning for this generation is much more than a financial issue. Planning for this phase of our lives can no longer be called "re-tire" or "re-tread" because "the new retirement" means finding more "meaning" rather than "resting" and the next phase of life can be an opportunity to align your life with more closely set values. It may mean actualizing goals that working a 40 or 50 hour week prevented you from doing. It also means achieving a new balance in life. While retirement used to be a long weekend, perhaps now retirement can be the life long dream.
So some keys to making a successful transition into your new "re-tire" would be:
- To live with a commitment to purpose and getting the most out of every situation.
- Know that you can control the important parts of your life and to develop a plan to create those important parts of your life.
- Develop a successful goal plan to challenge yourself and improve your life and the lives of others.
- Continue to build the connections in your family and your relationships and make a contribution to your community and your world.
- Make sure you understand the difference between a wish and a goal. Develop a list of things you would like to accomplish in the next phase of your life. Attach a clear plan to allow you to reach your goals. Many pre-retirees have a wish list for retirement that is not even realistic. Even if the wishes are realistic they remain as wishes if there isn't any strategy to make them happen.
- Create discussions between your spouse; think about what retirement would look like. Often there are instances where couples don't talk to each other about future plans and make assumptions that fall apart when retirement decisions are made.
- Develop a clear view of what retirement will look like at age 60, 70 and 80 and talk to your spouse about it. People should make an assumption that their retirement could last over 30 years and the clearer the vision of what they want the future to look like the easier it will be for them to create a plan.
- Lastly, don't assume that leaving the workplace is always a good thing. A lot of retirees end up returning to the workforce after a short time of retirement and not always because they need to financially. Perhaps there are some parts of their work that they really enjoyed and they didn't know it. It's important for retirees to understand what strengths and transferable skills they can bring from the workplace that form the foundation of a new career.
Planning for your retirement isn't the type of exercise you can do in one meeting. It is an ongoing process, one that will involve a lot of thinking and modifying of plans, as you get older and your situation changes.
