- Time is on your side.
- Reinvention is the new normal. Expect to have freedom and commitment as well.
- If you need more money to live the lifestyle you want, then earn more.
- Get help with your “transition.”
- Foster your pioneering spirit as a role model. Lead the way.
Five Positive Tips for Baby Boomers: Retirement and Panic
Website design By BotEap.comAs 73 million Baby Boomers retire en masse, at the rate of 10,000 a day, and adding more than a quarter of a million Americans each month through 2030, we enter a period of personal confusion and disorientation, if you look at it. knows the truth. We are a hard-working generation, and our careers have often defined us. And we have high expectations. So our concerns are valid.
Website design By BotEap.comAlthough we’ve made money through a lifetime of hard work, our savings have been affected by major crashes in the stock market, the banking industry, and the housing industry. Even if we saved enough, which many of us didn’t, we’ve seen those savings drop dramatically, and there’s little we can do about it.
Website design By BotEap.comBaby Boomers are also known to be a generous bunch. We have done well for our children, our parents, our communities, our churches. Many of us have felt the plight of adult children who have struggled to earn adequate income for themselves. And many of us have dealt with elderly parents who need significant financial and / or other help.
Website design By BotEap.comWe grew up in an era where making a meaningful contribution was paramount to a life well lived. We have always wanted to make a difference. From women’s rights to civil rights, world hunger and preserving the planet, we have always been there: marching, demonstrating, donating our funds and services. We are a generation that has always cared.
Website design By BotEap.comAnd now it is our turn to withdraw. Our parents retired under a very different paradigm, generally supported for the rest of their lives by pensions provided by their employers. Not so with us. Only one in four Boomers can expect significant income from an employer-provided pension.
Website design By BotEap.comAnd we know that we cannot expect retirement to be cheap. Statistics show that nearly half of retired households now spend more money, not less, in retirement. We also know that we are likely to live long enough. According to the Social Security Administration, one in four people age 65 today will live past 90, while one in 10 will live past 95.
Website design By BotEap.comSo if some of us associate feelings of panic with retirement, we have good reason. But there are positive factors that will make transformative differences in our favor. Use these five tips and considerations to help you turn your own retirement years into some of the best years of your life.