One thing is certain: the fact that Baby Boomer Retirement isn’t going to look like our parents’ and grandparents’ retirement! They retired into pensions and Social Security.
We’re going to be retiring into shaky 401(k)s and Social Security and whatever other investments we’ve been able to make. They retired with houses that were worth more than they paid for them—we may not be so lucky.
On the other hand, though, Boomers have more to look forward to in retirement than earlier generations did! We’re likely to live longer—much longer—than they did, and we have modern medicine and knowledge of proper nutrition and exercise. We’ll have the option of being able to stay active in our retirements if we take advantage of these benefits.
Of course, living longer means that Boomers need to plan to make sure that we don’t have a lot of life left over at the end of our money. But we have the tools to do that, too. With Internet businesses and a sound wealth management system, Boomers can start having the kind of active, fulfilling retirement that earlier generations didn’t even dream about.
So what do you want to do with your retirement? Is it a life of golf and reading by the poolside for you, or are you interested in seeing the world or starting another career? Boomers have more options than earlier generations in part because of modern technology, but we also have more options because along the way we shattered the usual expectations for young people, women and minorities. And as we age, we’re re-defining retirement, too!
Yes, we’re going to face new challenges as our generation retires. But since when haven’t we had challenges? From the draft and the gas crisis to regional wars, recessions, and 9/11, our generation has enough experience at dealing with crises to go into business as consultants on it.
Don’t let the news get you down. We’ve been in far worse situations and come out shining. Now, as we enter our elder years, let’s make Baby Boomer retirement all that we want it to be!
Tags: Baby Boomer Retirement