The first wave of baby boomers turned 60 in 2006. The largest, most demanding and most examined generation in history is already facing up to a future that looks nothing like our parents' second half of life. Thanks to medical advances and information about health, baby boomers can expect to live long lives.
Many of us had plans to retire, to take the gold watch and wave goodbye to corporate life. We were too young to really “retire” and planned to create that personally meaningful next chapter in our lives. Then retirement portfolios took a dive…yours, mine and millions of others. Now we are rethinking our plans.
According to 2005 research, most baby boomers said they were likely to continue working in some capacity. The uneasy economy of today makes that even more likely. So, now may be a good time to boldly go where we have never been before and create our meaningful next chapter.
Some of us will choose to continue in our well established careers; others of us will step out of our comfort zones and create new possibilities for ourselves. The good news is that we have an enormous set of skills and talents to use and great passions to offer the world. The bad news is that most of us have no clue as to how we want to use those talents and skills or where we want to focus that passion.
What’s next? Good question—one that increasing numbers of people 50 and better are asking themselves. The good news is there is a next. If you are ready to retire from a career, what's next could be a span of years equal to your entire working life. That’s way too much time to fill with 24/7 leisure. And way too much time to approach without preparation.
Most of you, individuals and couples, have put a significant amount of time and energy into planning for your post retirement financial future. Now is the time to also address the more personal aspects of your retirement. Before you can make an informed decision about what to do in the next chapter of your life, there are many issues to consider. There are questions to be answered and discussions for you to have with the significant others in your life.
Here are some topics to consider:
1. Money—Unresolved issues you have with money could hold you back. What does money mean to you? How much is enough?
2. Work—Reworking work: how much, when, where? A job is just a job…not life itself. Put work in its place. Replace your “job” with your passion.
3. Wellness—The key to all the other possibilities. Whole person wellness is what will make your life worth living. How you live…the healthy physical, spiritual and psychological habits you establish for yourself…will dictate how well you live.
4. Leisure—Getting the balance right…don’t forget to play. You are so used to working (some 24/7) that it might be difficult to make the shift without hard work. Habits take at least 21 days to establish…now is a great time to start.
Retirement in the near term has ceased to be a choice in the eyes of many baby boomers. I challenge you, however, to think outside the box. After thorough consideration of the above questions, use your wonderful, creative and energetic spirit to design the life you want to lead. Being “retired” from your first career does not mean you are no longer compensated for your efforts. It only means that the income and/or other compensation will come from different sources. Only you can decide what will meet your needs…personal, financial and psychological.
Once you (and your significant other, if there is one) have determined your personal and psychological needs, then it will time to develop a plan for the next chapter in your life…one that fits all the pieces into the big picture.
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