Retirement as our parents experienced it is being retired... As tens of millions of us now ponder whether and how we might work as well as play in retirement -- for the money and/or the stimulation -- it can be helpful to follow the lead of the trailblazers who are already shaping this new retirement workscape.
Can you imagine telling Bruce Springsteen that since he's 64, it's time to stop playing music? Or forcing 65-year-old fashion powerhouse Anna Wintour to retire? Should Warren Buffet leave investing to younger folks, since, after all, he is 83?
Playing sports is "hard wired" into the male species. We are born with the drive to be competitive and to win. We are obsessed with being the fastest, the strongest, the nimblest and in the end the best. Playing organized sports has always been the easiest way to do just that... But as we aged, our ability to play sports at a highly elevated competitive level changed.
You may have read the headlines and heard the stories: Retirement is being retired. For more than thirty years, I've been analyzing the data and trends, and I've long predicted that working in retirement would one day become the norm. Now it has. We have reached the tipping point where the majority of people now plan to work in retirement, and this later phase of life will never be the same.
If you love dogs, you'll be thinking about where you retire with an additional filter. Is the city or town friendly to Fido? Are there active 50+ communities that are especially tailored to pets?
Remember there are always 1,440 minutes in each day. They do not vary from day to day. If you understand that, you can map out a plan for using them wisely. Appreciate and accept that some of these minutes will be used systematically day-in and day-out for essential task... It is how you use the remaining minutes that make the difference in your emotional and financial well-being.
Then came retirement. In 2013, my husband and I made strategic decisions to retire, sell our home, and move back to the community we left 20 years ago. After months of planning and action steps, we have just completed this huge transition. Here is some advice on the huge transition.
You may not realize it, but you have a lot of bad habits. OK, sorry I said that but it had to be said. All baby boomers have bad habits. I have bad habits. You can't go this long in life without having developed some imperfect patterns and impulses in your decision-making.
To ship or not to ship? That's the vexing question many prospective expats face about their belongings when moving overseas.
Have you ever wondered what rich and famous people, most of whom are baby boomers, do with their spare time?
Today with cell phones, texting, Skype and the relative ease of air travel (OK, I know the security lines are awful but I'm referring to all the flight options), living in different parts of the country than your grandchildren can work. But, if you want a few extra visits, you might want to consider being near certain locations as a bit of a draw.
As we start contemplating our retirement, many of us will opt to move. Some of us will stay in the same town and move to smaller digs, others will finally move to that new dream location or someplace where our dollars will go further. Figuring out the perfect location is a big challenge and no one place is right for everyone. But, rest assured, there is a lid for every pot.
If we can't reform our system, we at least need to communicate to baby boomers that they need to stay at their decently-paying jobs at least another decade, rather than "retiring" and ending up taking part-time, benefit-less minimum-wage jobs to try to make ends meet.
Budgeting your finances and being mindful of how you spend will be key in creating a foundation for a healthy financial picture going forward.
At the state and local levels, mayors and governors across the nation are issuing Equal Pay Day proclamations. It's encouraging to see that more people are paying attention to this issue. After all, we do want a world in which our daughters and sons are paid fairly. Agreed?
Moving just a few hours by plane from where you live now can save you tens of thousands of dollars every year, and may mean you can finally afford and/or greatly reduce your health care costs.