BABY BOOMERS IN RETIREMENT
The oldest baby boomers turned 67 in 2013. Many
of these boomers have already retired, while others may be contemplating taking
the plunge next year.
So just who are the Baby Boomers? Well,
they are the most famous generation in American history. The U.S. Census
Bureau defines the Baby Boomers as those born between January 1st, 1946 and
December 31st, 1964. You see, after U.S. troops returned from World War
II, they quickly settled down and everyone started having lots and lots of
babies. This gigantic generations
has transformed America as they have passed through every stage of life. Now
they are getting ready to retire.3
But don’t
tell Boomers that old age starts at 65. The typical Boomer believes that old age doesn’t begin
until age 72, according
to a 2009 Pew Research survey. About half of all American adults say they feel
younger than their actual age, but fully 61% of Boomers say this. In fact, the
typical Boomer feels nine years younger than his or her chronological age.
The Baby Boomers who grew up during the hippie counterculture movement
are unlikely to follow in their parents' footsteps as they approach retirement.
But Boomers, many of whom are turning 65, have no road maps. They not
only have to figure out how to make their money last, but they need to reinvent
themselves in the second act of life.
"Before, retirement was a destination," says Dorian Mintzer, a
therapist and board-certified retirement transition coach based in
Boston."You had your retirement party and bought your condo in Florida.
Now it's a process. It's a journey that can be daunting but can be very
exciting, too