If you are one of the many who were born between 1946 and 1964, and have been deemed “baby boomers” than you might be finding that there is clear difference between the retirement that you are looking towards and the retirement that your parents had. For many reasons, retirement is not the same anymore. Face it, it’s far more expensive to live in the world today than it was when your parents retired, you will need quite a bit more money in order to maintain your current lifestyle. This might be in part because baby boomers tend to give into their wants and desires a lot more than previous generations did. If you want something, you go out and buy it right now, not in a few months or a few years. Also due to insights into health and fitness, you are healthier than your parents were at your age. Because of all the awareness, vitamins, and exercise, people are living longer than other generations did.
So what does all of this mean for your retirement plans? It means that you are going to still have to work while in your retirement years, even if it’s just part time. Due to the financial stress of many households, lack of financial planning, and lack of savings, many don’t have the choice of working or retiring. In order to pay the bills they have to work. So because it is evident that baby boomers have to keep working, what are some of their career plans? Some plan to work just part time, others plan to start their own business, and another portion of baby boomers decide to start a whole new career during their retirement years.
Many who are entering the retirement age have no plans to stop working. This is not solely from the need for a continuing income, but from their own desire. Many baby boomers prefer to keep working to stay both mentally fit and physically active. Those who wish to change their line of work during their retirement years takes steps such as classes at local colleges or other trade schools. A large portion of retirees who have worked for others for such a long time, begin to look toward careers where they can share their knowledge and give something back to the community. For this they look into teaching positions or other areas that they can share a little of themselves for the benefit of others.
Many companies are choosing to take advantage of the overflow of boomers who wish to continue working long into their retirement years. They have provided more flexible schedules, telecommuting, coaching, and mentoring. They have also maximized their benefits to attract those who are looking for healthcare. No matter what your plans for retiring or not retiring might be, it’s also quite important to make sure that you have some sort of savings such as a 401k in place to serve as a cushion, or a savings account. Although social security still exists, it might not be wise to count on it as a main point of income in the retirement years.