Tips for Baby Boomers in Retirement
Baby Boomers are one of the greatest generations of all time
No one has to tell us Baby Boomers that we are part of one of the greatest generations of all time. We are also the same generation who has the largest number of people about to enter retirement age at the very same time, and we will probably hold this inevitable distinction for many generations to come. Perhaps out greatest achievement was ushering in the age of tolerance and acceptance, championing women’s rights, civil rights, and now gay rights.
Yet many of us have spent so much time trying to change the world that we are beginning to wonder if anyone is going to be around to help us out in our retirement years. The future of government programs continue to become increasingly uncertain, from Medicare to old age pension and even corporate pensions.
The younger generation is landing higher paying jobs right out of college, jobs that pay much more than the ones that we Baby Boomers have spent decades climbing the corporate ladder in order to achieve. They also seem to have a natural ability to adapt to the ever advancing world of technology, a world where we consistently feel more and more out of place. It can leave us feeling rather intimidated at times.
Remember our strengths
Whenever this fear begins to rear its ugly head, we need to stop and remember what makes our generation so great. Every one of us has a lifetime of experience, skills, talents, and most of all, experiences that make us a very powerful force to be reckoned with. We have lived through some tough periods in our nation’s history, so retirement should be a piece of cake.
We Baby Boomers simply need to get clear on our goals and objectives for how we want to live in our golden years. Each of us can begin by taking the time to sit down in a quiet place and list all of our individual and collective achievements. Include work experience, hobbies, raising of children, overcoming illnesses, and any other important milestone that adds to our unique individuality as a human being. There is true strength and value hidden in these memories.
Get clear on our vision for the future
The next step is creating a clear vision of how we want our retirement years to look. Where do you want to live? Do you want to travel? Or do you want to find a nice little corner of the world and relax in anonymity? If you could live anywhere on the planet, where would it be? Where does your partner want to live? Do both of your visions match? Or do you need to have a rather tough discussion and pick a final destination?
By answering as many of these questions as possible, Baby Boomers can better design a road map to success. After all, we will never be able to chart a course to happy retirement if we don’t know where we are going. We need to be able to plan ahead for how much money we will need once we get there. This may be a critical factor in determining how long we need to keep working. Do we retire at 65? How about 75? Or better yet, we might already be financially stable enough to retire today!
Solve the problem
Baby Boomers have always marched to the beat of a different drummer. From ending the Vietnam War to organizing the biggest music concert in the history of mankind, Woodstock, there is nothing we can’t do when we simply decide to do it. Our greatest strength has always been our ability to solve problems. Retirement is no different.
Yes, we all know that we should save more and spend less, but we also know that there is probably more to it than that. Why not consider hiring a financial planner? Or maybe talk with a career counselor? Or better yet, take that one true passion of yours and turn it into a viable business that makes money? Most of us will probably want to stay somewhat active in our later years anyway. Now is the time to do something that we really and truly love. After all, we’ve earned it.
There are some really good books written by some very reputable authors that are worth a read.
Pensionize Your Nest Egg" by Moshe A. Milevsky
The Wealthy Barber" by David Chilton
The Four Hour Work Week” by Tim Ferris
Rich Dad, Poor Dad” by Robert Kiyosaki
Multiple Streams of Income” by Robert Allen
These are just a few examples, and each of them shows us how to create an income without have to work 80 hours a week until the day that we die. Life is for the living, and nobody knows this better than us Baby Boomers.