There are 10,000 Boomers retiring every day.
In 2015, only 8.5% of the world was over age 65. It is expected to grow to 16.7% by 2050.[1] A person born in 1947 is expected to live to age 85. Those born in 2017 have a life expectancy of 103.[2]
This is astounding! We are living longer than ever before.
Advances in medical technology continue to have an impact on the “Graying of America”. For those who plan to retire at age 65, 62 or even younger, their retirement period is becoming longer. Not only are we living longer, but we are healthier and much more active during the “retirement phase” of our lives, than any generation before.
For those that are planning for a 30-plus year vacation in retirement, they will need a sound financial plan and a lot of resources to cover their spending needs. Some continue to work to pay for this never-ending vacation. Working longer or part-time is not a bad move at all.
Never-Ending Vacation
A vacation sounds good. But a never-ending vacation gets old quick. It is not satisfying or fulfilling. You will soon realize that there is more to life than chasing the next leisure activity. One may say it is a life of self- indulgence while waiting to die. That may sound a little harsh but think about it for a few minutes.
First of all, let me say that retirement is not necessarily wrong. Since part of my title is Retirement Transition Specialist, my goal is to get people to think through what they really want that season in their life is going to be like. For followers of Christ, they should seek His will for their life. It is likely not a well-typed plan sent to us in the mail. But rather it is daily seeking God for the next step in our life.
Whether a Believer or not, we all will agree that spending the last 30 plus years of our lives sitting idle or selfishly seeking the next thrill, will not satisfy us. Any joy we receive from that will be short lived.
In Jeff Haanen’s book, An Uncommon Guide to Retirement, he says “Most baby boomers sense a need for rest after retirement, but they also feel the impending emptiness of Let’s vacation paradigm. Even lobster dinners begin to taste like soap after a while.” pg 22
Rebecca Sahr, a 61 year-old owner of her own accounting business in Colorado, thinks the biggest problem with achieving a fulfilling retirement is a lack of planning. “I’ve seen so many friends,” she says “completely fail at retirement because they weren’t intentional. They didn’t write anything down, didn’t talk with friends—they planned to save for retirement, but not what to do once they did retire.”2 This is so true. When I ask people what they are going to do in retirement they often say “not work” or “I have plenty to keep me busy.” This is very sad. Many are just tired of the current job, so they retire and search for things just to “keep busy”.
Have Purpose
That’s not how I want to live my life. I want to have purpose and meaning for what I do. I urge you to find purpose and meaning in whatever you do, whether it be retirement from your job, work part-time, volunteer, or take care of family, such as a spouse, parent or other elderly loved one. Live with Purpose!
As you get closer to the years of retirement, think, pray and plan on how you are to spend your “retirement years”. Seek wisdom from those that have been retired for several years. Learn from their mistakes and successes. Ask them what they may do differently.
Also, I believe the most important part is to pray to ask the Creator what you were created for.
Let us help you walk through this planning and preparing process.
You can also find more information from the book quoted above, An Uncommon Guide to Retirement.
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