So Baby Boomer: Life Tips

Boomers are Reinventing Retirement

The paradigm of retirement has shifted.  The old retirement pattern of a long career of hard work, followed by no work and freedom to pursue leisure activities, is no longer typical or even attractive. 

As Baby Boomers enter their 60's, they begin to think about how to retire from their professions or occupations.  The combination of longer anticipated lifespans, entrenched patterns of consumption, and other factors, such as losses in retirement account funding due to the economy, has led many boomers to consider post retirement as a "next phase" of life (work-wise and otherwise).

Getting ready to look within and re-discover who we are now, and then using that newly found data to fashion what we want to do, to see, to become will be the imprint of our unique "life signature." 

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Remember when you believed that you could change the world?  Where are those dreams and aspirations of youth? You may feel you are now ready for a life makeover but are not sure what the changes should be. 

The message is: Life is not a dress rehearsal. You can solve your problems using the mind you know you have. You can stop seeking answers outside yourself. You can look within.

"Shifting Gears To Your Life and Work After Retirement" by authors Carolee Duckworth and Marie Langworthy helps you transition into a healthy, happy, productive new phase of independent adulthood. 

This new book is the jump-start to propel boomers on the brink of retirement to start thinking of their retirement from this (whatever they've always wanted to do, but never dared to dream possible).  The 50-60 age group will find this one-stop-shopping source the definitive compendium to chart the direction of their next and last best life phase.  Boomers will engage in a process of self-discovery as they travel through a Five-Step Process designed to help them determine who they are, the values that define them, and how they want to spend this last great, rich phase of their life.

Today, boomers are redefining who they are in such roles as: dual professional marriages, late life parenthood, serial singlehood, parenting parents and/or grandchildren.  Yet, boomers want to: look and act young, stay connected and creative, and work at least part-time after retirement.  Their encore career is on the minds of many, if not most, retiring boomers.

Bottom Line: Retiring boomers are or plan to be energetic and vital, techno-savvy, entrepreneurial and globally aware.  They have more to offer along with the desire and ability to offer it.  And they have expectations of living for one or even two additional 15-year cycles beyond what was formerly common.

Source:  Carolee Cameron: Shifting Gears To Your Life & Work After Retirement: A Boomer's Roadmap to Transform Retirement into the Best Time of Your Life, Created by Two Boomers Who Did It

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Many boomers have a sense of worry as they approach retirement

Financial Finesse, the leading provider of unbiased workplace financial wellness programs, announced the release of its latest research report on Trends in Employee Financial Issues for the third quarter of 2013.

The study found that employees’ financial wellness declined in Q3 to a level not seen since Q1 2012. The decline appears to be a result of employees growing more aware of their financial shortcomings in areas outside of day-to-day money management.  In fact, employees as a whole slightly improved their financial wellness in the key areas of cash management and debt. 

Employees age 45 and above are showing more interest in their financial wellness:

Nearly half (48 percent) of all employees that took a financial wellness assessment in Q3 2013 fell into this age group, up from 44% of all who ran an assessment in Q3 2012.

This group is likely more concerned about their current state of wellness than younger employees due to the fact that they face more immediate challenges in achieving retirement security, sending children to college, and in particular, rising health care costs.

Only 13% of employees age 45 and older have a long-term care insurance policy in place, versus 18% just a year ago, likely due to increased costs of these policies brought on by providers getting out of the market.

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Blogging Boomers Discuss Our Encore Careers

"No man is born into the world whose work is not born with him." James Russell Lowell

We are born with a job to do and have been given the talent, virtues and circumstances needed to fulfill that role.  Yet, our task is to uncover exactly what is our unique life purpose or mission.  Part of the process is uncovering our strengths and then consciously building upon these competencies.

Perhaps, you have identified your life's mission and become a co-creator of it in your career or by charting your own life's journey.  If not yet, all kinds of wonderful and exciting things can still happen in an encore career before and during your retirement years.  Knowing and implementing your life purpose allows you to connect with people of like-mind.  Opportunities surface.  You become clear on your direction. Time becomes your friend.

People in the U.S. are living longer and working longer, which encourages many people to pursue a second career. The term "Encore Career" describes a second career done for passion and idealism.  Karen at The Generation Above Me finds inspiration for her own encore career by reading about others who have made the switch. 

 

Laura Lee Carter aka the Midlife Crisis Queen found her purpose and encore career by becoming a blogger at 52.  Now, at age 58, she shares: "What six years of blogging has done for me..."

On The Survive and Thrive Boomer Guide, Rita R. Robison, consumer journalist writes about how baby boomers are changing retirement. Boomers are launching second careers, starting new businesses, dating, working out, helping their families financially, volunteering, going back to school, and aging in place.

Tom Sightings contributes to the encore career theme by offering a recent post Enough Money, Who Cares?  And if you want to see his current effort, step into your time machine and travel over to It Wasn't So Long Ago.

The Design for Death Competition may sound a little off-putting, yet how often do you see some of the world’s most creative minds rethinking things as ingrained in the human experience as death and burial rituals?  So much of our energy is put into inventing new gadgets and cultivating truly original ideas, that there is something to be said for improving upon the things that already exist.  All this brings us to the most important question:  would you be buried in a Mushroom Death Suit?  Check out some of Amy Blitchok's favorite designs from the competition and be sure to weigh in with your own thoughts. 

Putting it into Practice

There are golden threads that run through your life.  If you've already detailed the principles you want to live by in your encore career, that is good.  The next step is to write out the specific areas in your life where you have had personal success.

Values are tightly held beliefs.  We act on our values by choice and they are important to us.  They are the types of things that people will know us by.   Here are some examples:  Honest, trustworthy, eager, competent, flexible, approachable, etc.  Write out your intangible values.

Giving back.  Consider how it is you would like to contribute to society as a whole.  Write these out.

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The US Census predicts that 1 out of 26 Boomers will live to be 100.  Learn about the growing number of our nation's centenarians as Karen from The Generation Above Me describes Gladys Bever's 103rd birthday party. 

On The Survive and Thrive Boomer Guide, Rita R. Robison, consumer journalist, writes about proposes rules by the U.S. Food and Drug Administration to improve the safety of imported food.  Eighty percent of America’s seafood, 60 percent of its produce, almost all of its spices, and even some pet food ingredients come from other countries. Research by the Centers for Disease Control and Prevention shows outbreaks linked to imported foods are increasing.

Laura Lee aka the Midlife Crisis Queen has found aging to be disillusioning...and midlife is often when our illusions begin to fall apart.

Tom Sightings has a son who recently came into a bit of money, an inheritance from a relative. So our intrepid, and experienced, blogger has the temerity to offer some advice to his son -- as well as, perhaps, to the rest of us -- in this week's post, Money Advice for My Son.

Boomer HR professionals disclose the amount of money spent on training and replacing millennial (Gen Y) employees...and...these numbers expected to dramatically increase in coming years.  Millennial Branding, a Gen Y research and consulting firm, and Beyond.com, a career network focused on helping people grow and succeed professionally, announce results from a comprehensive national survey entitled, "The Cost of Millennial Retention."

The survey, which included responses from hundreds of HR professionals in various industries, found that 87% of companies reported it costs between $15,000 and $25,000 to replace each millennial employee they lose.  Considering that approximately 40% of companies currently employ 50 or more millennial workers, these costs are expected to rise dramatically over the years to come. With current data showing more than 60% of millennials leaving their company in less than three years, employers are facing a very expensive revolving door.

Projections show that by 2014 millennials will account for 36% of the American workforce. In 2025, that number balloons to 75% of the global workplace. Recent Millennial Branding reports show that 45% of companies experience high turnover with those employees identified as "millennials" - by a 2:1 margin versus older generations. Of those HR professionals surveyed, the majority (79%) felt optimistic that they'll be able to increase their millennial employee retention rate, with many citing they can't afford not to.

For Baby Boomers it seems that one moment you’re 40-ish and moving up, the next you’re 50-plus and suddenly, shockingly, moving out — jobless in a tough economy. Too young to retire, too old to start over. Or at least that’s the line.  Here is some information as you begin to build your encore career.

 

Generation Retirement Gaps

Here's another reason why Generation X might resent Baby Boomers.

Typical Generation Xers now in their late 30s to late 40s saw their net worth drop by a larger proportion than older Americans during the financial crisis and came out of it less prepared for retirement than the post-World War II boomer generation, according to a new study.

Members of Generation X suffered losses amounting to 45% of median net worth between 2007 and 2010, a significantly higher percentage than those born in the 20 years immediately after the war, according to the Pew Charitable Trusts' economic mobility project.

Based on income and other projections, typical Gen Xers are on track to replace half of their pre-retirement income if they stop working at 65, the study finds. Boomers born between 1946 and 1955 look set to replace 82% of income. Later boomers, born between 1956 and 1965, are on track to replace 59%.

Gen Xers are "facing a genuine possibility of downward mobility, if they don't change course," says Erin Currier, who heads the mobility project.

The results indicate that Gen Xers might need to take steps such as saving more and borrowing less if they want to maintain their living standard in their golden years, experts say.

Source: The Wall Street Journal, May 18, 2013

 John Agno: Books for Boomers: Reviews & Coaching Tips (FREE)

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Best of Boomer Blogs #308

This week's Best of Boomer Blogs #308 is hosted by Lisa Garon Froman of TAO flashes.

Most Baby Boomers (the cohort of Americans born between 1946 and 1964) believe that they will still be working during their retirement years as they move through the boomer retirement crisis.

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Tips for finding a Job When You’re Over Fifty

By Guest Author Judy Bitterli, Senior Vice President of Marketing for AVG: the free antivirus software provider.

This is not about resume writing, networking or Monster.com. This is about the right frame of mind if you are over fifty and looking for a job and some everyday technology which can help.

During the past few years, I have witnessed some amazing job interviews by people over fifty and sadly observed many dismal failures. Here are five tips to make sure your skills shine through:

1. Get your head in the right place. Remind yourself, this is not about you. This is about what you can offer the company. No one owes “boomers” anything. Start with a mental list of what you would bring to the company and keep the list succinct and ready. Then, learn everything you can about them. If the company is public, read their annual report. If they are private read their press clippings.
2. Show up with energy. No, I’m not talking about hitting up Starbucks. What I mean is that you need to convey you can still “hang” through the hours and have intensity. Simple things like sitting up straight and speaking with conviction will hit this. Also, practice at home. Practice standard interview questions with your friends and record them on your phone. Playback. Practice. Playback. Practice. How you sound may surprise you but by using this tool you’ll get a head start and make a great impression.
3. Relax and Smile. People want a coworker who is a pleasure to be around. If you make the experience stressful, you’re less likely to be hired. Create a music play list for that last half hour before an interview. Make sure it’s happy music that keeps you relaxed. Or try an app like Simply Being to get in touch with your inner Zen. But don’t get so relaxed you fall asleep. Pre-install extreme Alarm Clock just in case.
4. Convey passion about the opportunity. Frame this job as a calling, but don’t go over the top. Tell them why it gets you out of bed every day. Whatever it is from answering a phone to driving a bus. Be passionate about the position.
5. Start off with the question, “What skills are you looking for in the person you hire for this position?” It creates a conversation and gives you time to frame your skills around the requirements.

Make sure you express no technology gaps, are proficient on Microsoft Office, have an up to date LinkedIn profile that matches your resume and recommendations on your LinkedIn account.  When putting together your resume, make sure it’s in a file format accessible to all computers, such as a PDF or Word document saved in a .doc format.  And scan that resume with your antivirus software before you send along to ensure it isn’t blocked by your Internet Service Provider or a company’s firewall system.

Happy Hunting!

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Once a Boomer, Always a Boomer: Best of Boomer Blogs #303

The boomers just keep on living and enjoying life according to "Guerrilla Marketing to Baby Boomers" by authors Jay Kevinson and Kristi Carter.

There are two generations of Baby Boomers, early and late. 

The early generations of baby boomers, born between 1946 and 1955, are now "empty nesters" with adult children.  Their spending priorities have changed from spending money on children's upkeep and education to upgrading their homes, clothing, travel and funding their retirement accounts.  This group travels the most to see their grandchildren or to have adventures all over the world.  The early boomers join country clubs, tennis and golf clubs, gardening clubs and participate in community activities.

The early boomers spend a little differently than the late Baby Boomers who were born between 1955 to 1964.  More of their disposable income is still going to their children's education.  When their children start to have families of their own, the late boomers join the ranks of disposable-income spending just as the early boomers.

Once a boomer, always a boomer continues.  You can take the boomer out of the nostalgic decades, but you can't take the nostalgia out of the boomer.  Their mentality is an optimistic, tackle-the-world and live-well attitude.  Life is full of so many options for the boomers.  Second or third careers have become appealing to the boomers.

The Best of Boomer Bloggers illustrate some of the options boomers have as they continue to live and learn well:

On The Survive and Thrive Boomer Guide, Rita R. Robison, consumer journalist, writes about two food bloggers who are calling for the removal of the dyes Yellow #5 and Yellow #6 from Kraft Macaroni & Cheese. The bloggers became concerned about the Kraft product after discovering that many countries ban the two artificial dyes and that the Center for Science in the Public Interest has linked the dyes to hyperactivity in children, migraines, and asthma.  

Laura Lee aka the Midlife Crisis Queen has been busy reviewing books and films this week.  First she provides an analysis of the new book "The Aviator's Wife" from a women's liberation perspective and then discusses aspects of trauma in the new film "The Impossible."  Don't miss her new article over at the Huffington Post: "The Truth About Midlife."  

Tom Sightings has been struggling through a blizzard of tax forms for the past couple of weeks, and now offers some financial wisdom in his latest post 10 Lessons You Learn from Doing Your Own Taxes. 

In her latest blog, Lisa Garon Froman makes the case for “phoning it in” sometimes in order to renew yourself creatively, emotionally, mentally and physically.  http://taoflashes.wordpress.com/2013/04/05/phoning-it-in-like-steven-tyler/ 

Source:  Jay Conrad Levinson: Guerrilla Marketing to Baby Boomers

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Baby Boomers are smart enough to realize that they may run out of money sooner than later.

They understand that their life expectancy may go well into their 90s and try to prepare for this in their 50s and 60s.  They are hiring business and life coaches.  Financial advisors are not just managing their portfolios, but are also tutoring the boomers, since they want to be involved and monitor their finances along with their advisers.

The boomers are not as intimidated as their parents were about money, especially the women boomers.  A lot of boomers take care of their own portfolio.  They have learned how trade stocks, commodities and currencies work.  For example, Robert Prechter from Elliott Wave International shares his one simple insight that will change the way you invest forever in a new 23-minute video presentation called "How Market Losers Think -- and How to Stop Doing It."  See the video free for a limited time.

Sources:  Jay Conrad Levinson: Guerrilla Marketing to Baby Boomers

 Robert R. Prechter Jr.: Conquer the Crash: You Can Survive and Prosper in a Deflationary Depression

 John Agno: Books for Boomers: Reviews & Coaching Tips

 John Agno: Boomer Retirement Life Tips

 

Best of Boomer Blogs #301

This week's Best of Boomer Blogs #301 is hosted by Lisa Garon Froman of TAO flashes.

Most Baby Boomers (the cohort of Americans born between 1946 and 1964) believe that they will still be working during their retirement years as they move through the boomer retirement crisis.

 John Agno: Books for Boomers: Reviews & Coaching Tips (FREE)

 John Agno: Boomer Retirement Life Tips ($0.99)

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