You've Got A Lot Of Living To Do
Retirement is no longer just about spending time on the
golf course or playing shuffleboard on a cruise ship. As
medical advances increase life expectancies, people will
have longer, more active retirements than previous
generations.
We spoke about this fundamental change in retirement with
Dr. Ken Dychtwald, renowned gerontologist, psychologist and
author of The Power Years: A User's Guide to the Rest of
Your Life, a step-by-step guide to personal reinvention
after 40.
Not Your Parents' Retirement
ychtwald says that at the forefront of the new retirement
are baby boomers, the first of whom are set to turn 65 in
2011. This first wave of boomer retirees plans on having an
active retirement. In 1900, the average American could
expect to live to 47. In 2000, overall life-expectancy
reached 77, which is giving people more time ' and better
health ' to lead more active retirements. But an active
retirement also calls for active retirement planning.
All play and no work...
Dychtwald surveyed thousands of baby boomers about their
retirement attitudes and found that most of them expect to
do some work after they reach retirement age ' not out of
necessity, but because they want to try out a new career and
remain active in society. Retirees expect these new jobs to
demand less of their time. And even though they expect to
make less money, the income will help them postpone having
to touch their principal savings during their early
retirement years. It will also empower them to develop a
retirement plan that is right for them.
These second careers will take various forms, such as the
former chief executive who joins the Peace Corps or the
scientist turned substitute teacher. The work might be full
time for a couple of years, followed by a couple of years
off, or just occasional throughout the year. The income will
help create an affordable retirement, and the extra work
might add to health and longevity.
'Being productive and connected boosts the spirit,' says
Dychtwald. 'It's good for the mind, body, spirit and pocket
book.'
Courtesy of Ameriprise Financial Services, Inc. Thomas E.
Planinsek, Financial Advisor Suite 103B Berkshire Center,
Route 30 East Greensburg, PA 15601 724-832-0855