Linda Price, MS
I recently saw a television advertisement for a financial
investment company, where a 50 something year old executive man, announces
proudly, “I am ready,” suggesting he is financially ready to retire to which
his attractive, middle-aged wife responds, “What will you do?” He thinks for a moment and says, “I don’t
know, putter around the house?” His wife answers, “I’m not ready.”
I was struck by the fact that over the next 25 years, 77
million Americans will reach retirement age and they might not be “ready,” even
if they are financially ready as suggested by this television commercial.
When Boomers
plan for retirement, they generally plan financially. Of the 77 million people retiring, most will
not fully consider what life will be like when they leave their jobs and how
they want to spend their time.
Retirement comes and Boomers tend to fall into two distinct
groups. The first group is those who
delay retiring, staying on their job because they do not know what they want to
do next. For some, dreams were long ago buried and forgotten as they focused on
more practical matters. The second group
fearlessly leaves their career,
declaring “I’m off to play golf”, “Open a Bed & Breakfast” or “travel the world”, only to discover that a single focus approach
to retirement is not fulfilling. The question is why are intelligent,
successful Boomers not ready? Why, when they talk about retirement and will
have the time and resources to create any future they want for themselves, do
they think of it as time to “putter around the house?” In fact, they do want more than “puttering
around the house.” The irony is they just have not had time to think about what
they want to do.
There are other reasons the Boomer
may not be “ready;” they are basing their retirement thinking and plans on an
outdated idea of what retirement means. The
Industrial Age model -- where factories needed to replace older workers with
younger workers and once retired, you were considered “useless” is no longer
relevant. Yet that model is still affecting how we approach our retirement and
our planning for it. The word “retirement” itself can conjure up images of withdrawing, being disposed of,
losing interest, getting out, preparing for sleep, being put out to pasture,
hanging up one’s spurs and being over-the-hill, to name a few.
These images of retirement are based on the past, but these
old societal beliefs still hang on in our thinking. The Boomer cohort, a huge
demographic, is once again on the vanguard of change, and will reinvent the
notion of what it means to retire and create meaningful and fulfilling lives.
What will it take to get the Boomers ready? I believe the
most efficient way to get ready is to think about creating post-career goals in
a systematic fashion. The Boomer needs to think about and gain answers to four high-powered
questions that will guide, clarify and add velocity to the future.
These high-powered questions can be answered independently or
a couple can work together to generate their answers. The Boomer can also seek the guidance of an
executive coach or career coach for additional direction and support. There is no
correct way to do the inquiry. What is important is that the Boomer engages with
the questions and gain clarity on life goals and legacy.
Question 1: What thoughts do I have about retirement that
are stopping or limiting me?
Question 2: What are my dreams and life purpose?
Question 3: How will I invest my time to create a meaningful
and satisfying life?
Question 4: How will I monitor my satisfaction?
These questions are simple, but not easy. The answers to
these questions cannot be looked up or Googled. To gain access to the answers
and even deepen the inquiry takes time and patience. Sometimes the answers do
not come right away. However, the answers will surface.
Such an approach catalyzes and
accelerates the transition into a satisfying and productive post-career life
and allows the Boomer to launch into a new phase of life “ready” to find and
sustain satisfaction for the 20 years ahead.
For more
information on how to reinvent retirement and launch and sustain an innovative a
new life, contact Linda Price at iFuture, 212 874-3645.