 |
|
 |
|
| “When one door closes, another one opens but we often look so long and regretfully at the closed door that we fail to see the one that has opened for us.“ – Alexander Graham Bell |
 The Retirement Renaissance
Contributing Causes of the Retirement Renaissance
Impact of the Global Economic Recession—the sudden and precipitous drop in the financial market has caused many seniors to delay their retirement plans or possibly eliminate the dream of a traditional retirement. For those already retired, it means some serious belt-tightening and possibly the need to return to work, full or part-time. Influence of the Baby Boomers—the 78 million Baby Boomers that are just beginning their retirement years are younger, more active, healthier, and far less traditional. The combination of all these attributes and attitudes is creating a new and different way of looking at retirement. A New Retirement Paradigm—Boomers are challenging the existing paradigm about when to retire, what to do in retirement, or whether to retire at all in a traditional sense. The new paradigm views retirement more as an option than a career end goal or personal requirement. Technology and the Nature of Work—the nature and process of work will continue to change as technology impacts how and where work is performed and to integrate work and personal lifestyle into one, inseparable continuum of activity. Financial Planning vs. Retirement Planning—the traditional process of preparing a retirement plan has historically focused on financial planning. As a result, many retirees stumble into retirement with a financial plan but not a clue as to what they want or need to do to create a truly satisfying retirement experience. Health of the Social Security System—many experts predict that the Social Security trust fund and Medicare Hospital Insurance trust fund will run out of money if left on the current track. There is almost unanimous consensus that a crisis is pending that represents a major impending disaster for millions of dependent retirees. |
The historical Renaissance of the 14th century was a transition of the world from medieval to modern times and ushered in three centuries of cultural renewal, change, resurgence and awakening. There is a renaissance beginning to occur in the way Baby Boomers think about and plan for retirement. The expectation of a “gold watch at 65” or a traditional retirement is changing. The Boomers are challenging the existing paradigm about when to retire, what to do in retirement, or whether to retire at all in a traditional sense. Many Boomers will continue to work, full or part-time; regardless of their economic status because they view work and career as an integral part of a whole and satisfying lifestyle. The new paradigm views retirement as one possible option rather than a necessity. Retirement Renaissance explains the phenomenon and how it will impact your retirement plans. The key message is that you need more than a financial plan to navigate the new world of retirement planning.