Welcome to the launching of The New Lifestyle Retirement newsletter, a brand new publication that deals with an
age-old subject.
We were originally labeled the Baby-boomers, now we're called Elder-boomers or even the Age Wave. Regardless of what we are called, our generation is entering the retirement years with a vision and vitality much different than those generations that have preceded us. We are envisioning these years as an adventurous and exciting time. In fact, many people now optimistically describe it as the New Retirement, the Third Quarter, or the Third Age. This shift in retirement perspective is why I have launched my first newsletter as well as a new website, www.DeeCascio.com. Whatever name we use to describe this transitional stage of life, it has become a subject that is receiving more and more attention. For example, at the last International Coach Federation Conference, held in 2006, an entire day was devoted to retirement, complete with a specially selected panel of speakers.
According to the AARP, 78 million Baby Boomers- those born between 1946 and 1964 - will turn 60 by 2024 and 2.9 million of that group will turn 60 this year. No wonder this is such a hot topic! Over the next seventeen years, approximately 10,000 people will turn 50 and 8,000 people will turn 60 each day. This means that a huge segment of our population will be retiring or planning to retire in the near future, if they haven't already. Right now the average age for retirement is 57.5.
When most people hear the word retirement, they think of financial planning and choosing where they will live. Both of these issues are very important.
We must have a sound financial plan in order to face the future with confidence and to know when we will be ready to retire. Some of us may need to postpone this transition due to insufficient funds while others may choose semi-retirement, where they can continue to work but at a different pace. Others may be in a place where they are able to opt for early retirement.
The second most common issue associated with retirement is where to live in one's retirement years. This is often influenced by a number of factors in addition to income, such as family responsibilities, friendships, special interests, and medical requirements.
However, other lifestyle choices need to be considered in pre-retirement planning, yet many of these are often overlooked. By taking a more holistic approach, we will be prepared as we move toward a very important stage in life. These considerations are all the more significant, given that we can often enjoy 25-30 years of fruitful living after we retire. Individuals and couples who carefully address all the aspects of retirement during their planning sessions report having a more successful transition experience.
Some of the more important areas that need to be explored in pre-retirement planning are:
- Career: Retirement as it relates to full-time or part-time work, entrepreneurial pursuits, and volunteer activities.
- Family and Friends: The quality and uniqueness of family members and close friends, evaluating how those relationships effect one's retirement.
- Intimate Relationships: The closeness, connection and emotional bond that will support a couple during the transition to retirement.
- Personal Growth: The purposeful personal development of an individual's strengths, direction, life-satisfaction and path/purpose in life.
- Leisure Life: Exploring new activities or continuing current activities that create relaxation, pleasure and a healthy attitude toward life. These include social interaction and solitary relaxation.
- Retirement Lifestyle: The standard of life created by one's socioeconomic means that will affect where retirees chose to live, whether or not they will work, and the kind of leisure activities they will pursue.
- Money: A retirees' relationship to money and professional resources for financial planning.
- Spirituality: The manner in which we are all connected to each other in different ways: how what we do effects others in our lives; and how our values are reflected in our daily lives.
As a Lifestyle Retirement Coach, I can support you in planning for your retirement. Together we can explore the areas listed above and many others, as you seek to develop a personal retirement plan that is both practical and sustainable.
In future issues of The New Lifestyle Retirement, I will be discussing these eight areas, as well as others, in greater detail. I look forward to sharing this timely and thought provoking information with you, confident that the more we are prepared for our retirement years, the more fulfilling those years can become.
