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In general, analysts argue that Boomers are wealthier, healthier and better educated than previous generations, and that Boomers are continuing to work into retirement because they have so much energy and aren’t willing to do nothing. Perhaps these analysts are deluded. While some people continue to work because they truly love their work, it is often an addiction to work and/or lack of financial means that perpetuates the ongoing attachment to work. The fact is that 80% of Boomers have not saved enough for retirement.
Never before has the gap between the rich and the poor been so wide. On one end, those who are financially prepared can enjoy and lifestyle options that surpass the imaginations of previous generations – these lifestyles can eat through large nest eggs very quickly. Even financially comfortable retirees can find themselves on a reduced fixed income when no more money is coming in. For those who know their retirement years will be spent penny-pinching, there is a need to make wise decisions about how to at least increase the number of years they can experience some financial security. For this group, it can become all consuming as the awareness of the ticking clock looms over their perceived window of income-generating ability.
All is not doom and gloom; Not-so-easy Street meets up with Options Boulevard. Undoubtedly sitting down with a coach or taking a retirement seminar can help this group find options they did not even know existed. Good choices will enable them to have the quality of life they want, through less effort. This often means doing things differently than they have done in the past. It means thinking outside the box and acquiring money management skills. This may include alternative living arrangements like co-housing, where living expenses can be shared and as a result be more manageable. It may mean reassessing priorities and merging work with pleasure.
The ability to see opportunities can make life easier. Boris, aged 55, had spent all his life in service – working in underdeveloped countries doing missions work. Eventually, due to health issues, he had to give it up and faced the grim reality of finding a way to support his retirement years. He found an opportunity to live on an estate in Alberta for 6 months while the owners went south for the winter. It not only allowed him to live in a beautiful home without mortgage or rent payments; he was paid $500 a month for maintaining the lawns and property. He was allowed use of a car, as long as he paid for gas and oil changes. Additionally, Boris found a job working at an arena. He loved sports and this gave him an opportunity to share in the enthusiasm of young children playing hockey. He loved this lifestyle and was able to save most of his income.
Boris was worried as the 6 months drew to a close. He decided if he could do the same thing Down Under, he would have the perfect lifestyle. He began to network and write letters.
Within a few months he had found someone in New Zealand who was going on an extended vacation and required a caretaker. This was not a rolling acreage, but rather a house in the city. A vehicle was not included, but the bus was close. Next, Boris found some travel companies that were interested in hiring him to market their tour packages while he was in New Zealand.
Each year he returns to the foothills of Alberta to tend the acreage for six months. During the summer, he finds a new place or two to spend the next six months. This suits Boris, who has always lived a nomadic lifestyle, so it feels natural for him to travel and not know where life will take him. He has been house-sitting for 15 years and it has enabled him to build up the nest egg he needs for later in life. House-sitting and a low-cost lifestyle suit his means.
It is easy to pine about our misfortunes. As long as we aren’t stuck living on the corner of Pine Boulevard and No Drive feeling sorry for ourselves, there are options. If we say “No” when our ship comes in, or believe that there are no options, we have more to lose than we do by taking the risk of stepping out of our comfort zone to find new ways of achieving our priorities. Next, the query about the length of Active Avenue and why this is such a strong priority for all Baby Boomers no matter what their financial situation. We have bought into the belief that looking younger will improve our lives. The popularity of plastic surgery is no longer only for the rich and famous. It has shifted from being primarily a women’s age-defying practice, to being equally as popular with men. How much of this comes from a need to compete in the job market and in business? Are people under more pressure to look and act young in order to remain in the workplace? Clearly there is a perception that youthful appearance will make you more successful.
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