Best Years of Their Lives

Retirement is increasingly regarded as a transition to another work life--a work life that is more in tune with who you are and what you enjoy doing.  Before retirement is the time to dream about what you would love doing and invest in that dream by being specific as to what, where and how to make your dream a reality.

In 2000, 37% of men and 31% of women age 55 to 64 were employed full or part-time while receiving pension income, according to investment firm TAA-CREF. Those proportions are likely to go higher with 8 out of 10 baby boomer saying they plan to work in retirement according to an AARP study.

A 2003 survey by the Society for Human Resource Management found almost seven in ten (68 percent) organizations say they employ older workers who have retired.

A survey by Allstate Financial of Northbrook, IL of 1,004 Baby Boomers, born between 1946 and 1961, found 82 percent believe that retirement will be more fun and rewarding than their parent's retirement. Others believe it will be more active (65%) and the best years of their lives (63%).

The population bubble caused by the baby boom keeps floating up: Proportionately, there are more people over the age of 50 than ever before. Most Baby Boomers (the cohort of Americans born between 1946 and 1964) believe that they will still be working during their retirement years. Eight in ten say they plan to work at least part-time--and others envision starting their own business or working full-time at a new job or career--according to an AARP Segmentation Analysis: Baby Boomers Envision Their Retirement.

This "phased retirement" of Baby Boomers will shape the American workplace and compensate for a severe talent gap due to a shrinking supply of new workforce entrants. Phased retirement will allow Baby Boomers to devote more free time to community service/volunteer activities and their grandparent role by living near at least one of their children.

A greater percentage of those over 55 are working today than a year ago. In part, because older workers are prized for their corporate experience, personal relationships and stability. "It's not at all surprising that we're seeing people who have come from the Old Economy set of values becoming more attractive again now," says Barry Honig, president of New Jersey-based executive search firm Honig International.

According to a survey by ExecuNet, an executive career services firm, 61% of senior managers believe age discrimination is a bigger problem than it was just one year ago---and a whopping 84% say it starts around age 50. If you are a Baby Boomer, looking forward to a phased retirement, suggest you check out these job seeking tips.