Baby Boomers are now re-writing the rules of retirement. And why not? This generation known for its uniqueness does not view inactivity as a desired lifestyle. Previously most retired to inactivity. Getting older has not changed Boomers. When faced with traditional retirement or continuing in the workforce, 76% say they plan to extend their working life.
Traditionally, seniors have considered retirement the end. Boomers tend to see it as an important phase of life. Many don’t want to continue a 9 to 5 job. Some plan to work part time while others look to start a business of their own. Yet others want a break from work to enjoy leisure time. Travel is the choice for many. What else would you expect from such a large, diverse group?
Creative, productive, useful, goal oriented folks are most likely to be happy. Boomers are all that and more. In our current economic environment, many have no choice but to continue in the workforce.
Many Baby Boomers now find that the internet provides an opportunity to take charge of their finances. Online trading can be exciting but caution must be exercised. Many claims are made of financial success online but few are verified. Online banking and checking your financial condition are examples of good online tools. Not only can you feel closer to your money but you are made more aware of your financial condition.
The question for many Baby Boomers facing retirement is “ Where will I Live”? Do I stay in my home? Downsize? Maybe I should move to another area. Do I follow the kids or move away from the kids? There are all sorts of retirement communities with differing sets of amenities. Decisions depend on your desires and your pocketbook.
Travel is the calling for some. There are many sponsored group travels for those with similar interests. Boomers are simply a great boon to the travel industry.
Four tips for retirement are: Simplify your life. Make a plan. Start saving now. Make money while in retirement.
Some are ready to retire now. Some have much work to do to be prepared. Many want to continue to work. Others look forward to leisure. Most of the Baby Boomer generation love forward to staying engaged and making a difference.