Resources - Mature Market Headlines

How to Retire to Your Dream Job

NBC affiliate WISTV, 3/24/08

Abstract:

Baby boomers asked to define R & R are more likely to say "rock 'n' roll" than "rest and relaxation." That's a good thing, given that the old-fashioned definition of  retirement as 25 years of leisure is built on two misconceptions, say gerontologist and author Ken Dychtwald.

The first, says Dychtwald, is the notion that "if you remove work from the lives of the productive, intelligent, and active individuals, the will still be happy." On the contrary, says Dychtwald, "for many, retirement becomes a time of boredom and isolation."

The second misconception is one of entitlement: the expectation that the working population will be able to subsidize 78 million baby boomers, the first wave of whom turn 62 this year.

The truth is, both paid and volunteer work will be available to enterprising baby boomers. And work not only helps pay the bills, it also feeds the soul. In fact, 75% of boomers say they want to keep working (but not full-time), and more than half want to start a new career, says Dychtwald, author of Age Power: How the 21st Century Will Be Ruled by the New Old.

As the first boomers turn 62, they are redefining what it means to grow old. Although the most senior among them can start collecting Social Security benefits now, many of them won't. Instead, they'll stay on the job so they can bolster their retirement savings and hang on to employer-sponsored health benefits until they qualify for Medicare at 65. Others, who are more financially prepared, may take the opportunity to pursue a new career or volunteer—and find a life that's more enticing than living in a gated golf community. And some will look for part-time or seasonal work just to stay busy or to make ends meet.

> Read the full story > Return to 50+ Headlines