In Part 1, we looked at some of the problems with retirement from Mitch Anthony's book The New Retirementality: Planning Your Life and Living Your Dreams...at Any Age You Want. Here, Anthony will give us some solutions to these problems.
Anthony references research from the Rand Corporation, which shows that there is an increasing trend toward people choosing to work in retirement.
The research demonstrates that:
- 44% of retirees worked for pay at some point after retirement;
- 83% of baby boomers intend to keep working after retirement; and
- 14% of those currently working say they’ll never retire
Fifty percent of retirees will follow a nontraditional retirement path that involves partial retirement or un-retirement. Eighty-two percent of those who un-retire expected to work during retirement.
Why the Work?
Anthony points out that “for all that we give to our work, work gives something back to us.” Work provides not only material (financial) rewards, but also intangible rewards to our mind and spirit, such as camaraderie and relationships, shared victories and disappointments, a sense of identity and accomplish and so much more. With these concepts in mind, Anthony suggests it is time for a new way of thinking when it comes to retirement and aging.
We need to separate aging from growing old
One of the cornerstones of his New Retirementality philosophy is to separate aging (a largely physical process) from growing old (a largely attitudinal process). Anthony says “aging describes, in large part, the state of our body. Old, on the other hand, describes our state of mind.”
As Boomers forego the outdated notion of retirement, they are seeking to stay engaged and age successfully. Anthony says that retirement is a time of transition where we can re-engage and renew. He has developed a number of Life Planning Tools to provide a proactive discovery process to help you make a meaningful transition into the next phase of your life and ensure you are financially prepared for your new retirementality. These Life Planning Tools are available to clients of Coyle Financial Counsel.
Call or email to find out more about these tools.
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Posted on Thu, December 1, 2011