Article written for Retirement Options

"The Challenges of Setting Goals and Dreams in the Modern-Day Retirement"

Written by Pete Finlon. Reprinted with Permission.

Baby Boomers are retiring earlier than previous generations and have a longer life expectancy. Their focus is on quality of life and enjoying their retirement fully. As they approach retirement, however, many Boomers are uncertain about how to define their vision and achieve their goals.

Old school retirement planning is focused largely on the financial picture. In the past, people primarily worked for mostly one employer and by the time the big day came to move on, they were financially ready for the next stage in life: the kids were grown and gone, house or dwelling paid for, one of both parents deceased, and if married you and your spouse were ready to relax, travel, socialize, be grandparents, and renew old hobbies and passions.

But what about the non-financial pieces? People might assume they can figure it out on their own, that their marriage, relationships, health, and social network are all fine and won't be impacted just because they are no longer working. That might be further from the truth than one can imagine. Today Baby Boomers are transforming retirement and facing new challenges that either did not apply or were not addressed in the retirement of the past.

In the "New World" dynamics there are 10,000+ individuals retiring daily. Eighty-two percent expect to work, or are already working, past age 65. Life expectancy is increasing drastically and retirement can last longer than one's primary career. Add in the many other real-life issues such as rising Baby Boomer divorce rates, senior care and assisted living, financial/money management challenges, isolation, addiction, and rising rates of suicide for some retired males and it is not uncommon for people to fear crossing the retirement and transition bridge.

These issues apply to the majority of people entering retirement, but there are different sub groups that have even more difficulties and red flags. Many CEO's and Executives deal with a kind of "falling off the cliff" into retirement due to loss of identity and a diminished role as a day to day contributor to a team or group. This identity loss can lead to health issues and other less than desirable situations. The good news is this sub group can typically bounce back into an even more rewarding stage of life. One strategy is to reach out to their peer group and network; new possibilities, such as volunteering or taking a seat on a board, become visible and they can transition into a different stage of their life with purpose.

A person or couple preparing for transition this day and age might want to ask the following questions in preparing for the best retirement years possible:

• How did retirement look in the past?
• How is that defined now?
• When do we start preparing for retirement and transition?
• Will transition be a retirement that involves shifting from full time to part time or working in a totally different capacity?
• Will my spouse and I have a staggered retirement and how does that look?
• How will I replace the benefits of work? (Losing one's identity from work can delay happiness and make the transition more difficult)
• Have I done a health assessment, to include mental wellness and physical well-being? (Care and maintenance of body and mind prior to and continuing in transition will allow one to thrive and not merely survive)
• How are my relationship dynamics? Spouse/partner, family, friends, former coworkers, children returning to the home, and grandchildren? (ALERT! BABY BOOMERS ARE OFTEN TAKING CARE OF BOTH CHILDREN AND AGING PARENTS- "SANDWICH GENERATION")
• What will leisure and living look like?
• Where will I live in retirement?
• Will I downsize?
• How will I continue my journey for personal growth?
• What leisure interests do I want to renew and/or start up?
• Where will I gain intellectual stimulation?
• Do I need creative expression?
• Where will I gain social interaction?

Be honest with yourself. Planning, discussing and enjoying the process will ensure that the "next stage" is one full of meaning, growth, laughter and fulfillment! Applying this information to your financial planning will provide a strong outline to alleviate concern or apprehension as you transition into your golden years.

Wherever the path takes you, you will take it with knowledge, confidence and personal satisfaction!