Retirement used to be a dirty word because previous generations viewed retirement as an ending. The end of working and being useful, the end of independence, the end of an active life. It was time to sit on the porch, out of the way of a busy workforce, and watch the world go by. In those days retirement brought about a different set of difficulties, i.e. boredom, lack of personal interaction, depression, alcoholism, and financial insecurity. When my grandfather retired he hung out at his favorite barbershop to talk and drink with his friends all day because he was bored out of his mind.
However, baby boomers are changing the dynamic of retirement. For us, retirement is a beginning, not an ending. This is due to several factors, one of which is the increased current life expectancy of our population, mainly because of medical advancements. In 1950, the U.S. life expectancy was 55 years, which means most people would not reach the current standard retirement age of 65. As of this year, the U.S. life expectancy is 79 years https://greenleaftrust.com/news/this-is-not-your-grandparents-retirement-baby-boomers-are-re-writing-the-rules/ . If we retire at age 65, this gives us 14+ years of retirement. Basically, we are living longer and healthier lives.
Another factor of the changing dynamic is obtainable financial security. Baby boomers remained in the workforce longer than previous generations and have access to better retirement plans and/or financial options. The people who are aged 50 years and older today control 76% of the net wealth of U.S. households https://greenleaftrust.com/news/this-is-not-your-grandparents-retirement-baby-boomers-are-re-writing-the-rules/. With financial means comes more opportunities. Baby boomers are retiring to travel more, start small businesses, participate in hobbies, and work part-time. We see this as a chance to tackle the proverbial “bucket list”.
Baby boomers are showing future generations how to live actively after retirement. It doesn’t have to be the end of anything but can instead be looked forward to as the second phase of life. A chance to be the person you choose to be, to work voluntarily or for extra money, to spend time doing anything besides sit on the porch.
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