Retirement PlanninG
  Women & Retirement

Do you know that Baby Boomers are retiring at the rate of 10,000 every day in the United States! The oldest boomer is now 58 years old; the youngest is 40. They number 76 million in our country. Are you in that number?

The boomers have had a huge impact in our country. The first wave of baby boomers filled up our schools in the 50’s. They changed campus politics in the 60’s with their protests, marches and sit-ins. They were entering the work force in the 70’s and 80’s. The 90’s brought changes to the workplace such as flextime and family leave time. Now boomers are entering the retirement phase of life. They are living longer, retiring earlier and their focus is on lifestyle, not age. Imagine the impact they will have on retirement!

Boomers are redefining retirement as a new career life transition. However, most aren’t prepared for managing that transition. More time is spent on planning a vacation than on the next thirty years beyond retirement! Yes, many have been preparing financially with contributions to their 401K’s, Roth IRA’s, etc. However, retirement is more than finances.

There is the human side of retirement. For retirement to be truly successful people need to embrace the idea of life planning. How can we workers replace the function that work has played in our lives? One of the benefits of work is remuneration. We get paid for what we do. It gives us a sense of financial security.

But work provides us with more benefits than just remuneration. It helps us with the following: time management, socialization, a sense of purpose and status. Let’s take a closer look at those benefits.

Work gives structure to our life by managing our time. At times, it over manages our time and leaves little time for fun. Through our work we have agendas and schedules to follow. We know where we are supposed to be and what we are supposed to do. It keeps us organized.

At work we socialize with our co-workers and clients. We form and develop relationships that give us a sense of connection and belonging. We spend our time interacting and communicating with others to get the work done. We have a sense of camaraderie.

Many of us receive the benefit of status from our work. Our sense of personal worth and identity are derived from work. We experience a clear picture of who we are and what we do. We get recognition for what we do.

Retirement is a complicated process that requires planning and introspection. It’s not just about the money. There are important social, mental and physical implications as well.

Many of you won’t follow the traditional model of retirement. Some will continue working full time at something you truly enjoy while others will work part time because you need the money. Perhaps you will start your own business or volunteer your time to worthy causes. As a Blooming Baby Boomer you probably won’t spend the next thirty years sitting and watching life pass you by. This is the age of a new retirement.

Is it time for you to give some attention to your future retirement? Vacationing year round may not be the solution that puts genuine meaning in the next phase your life. Don’t short change the next thirty years of your life. You’ll want to continue blooming!

Carol Gegner ©2004

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