Newswise — America's baby boomers are getting ready to retire. In fact, a tsunami of 3.2 million boomers will turn 62 in 2008. Projections say many - 49% men, 53% women - will choose early retirement. But will they be ready? Are they prepared? Research by the consulting firm Mintel International Group says 62% of the boomers it studied have NO CLEAR IDEA about what to do when they retire.
The implications of this are staggering - literally hundreds of thousands of adults will feel at sea, scared about a life afloat for the next twenty or thirty years. How can baby boomers face the enormous challenge of "getting a meaningful life" after retirement?
"Sylvia's" case is instructive. She was a history professor, preoccupied with questions about her retirement financial package. Would she have enough to live on? Would she outlive her money? Although her pre-retirement concerns focused on finances, her post-retirement forced her to face psychological issues. And she is not alone. Even the least introspective face the following challenges. Knowing what they are can help boomers face the future with assurance.
Major Challenges:
*Identity - In retirement we face a change, and possibly a loss, of identity. Through most of our lives, work defines us. "Hi, I am Nancy the educator, John the postman, Jane the attorney, Bill the single parent." When work is over we lose our tags - the shorthand that gives us, and others - a snapshot of who we are.
*Purpose - One prospective retiree told me that she always makes up a mission statement for herself. Although she is burned out and plans to retire next year when she is 62, she is afraid because she has no mission. What will give her a reason to get up in the morning? A retiring administrator said he is experiencing postpartum depression, now that he was finishing his last major task - leading a strategic planning effort. What will he do?
*Community - We gain our financial equity, in part, from our paycheck. We gain our "social equity" from being part of a work team and community. "I miss being part of a team and smoozing with my colleagues," said one new retiree.
*Relationships - Lenny, a former assembly line worker for Ford Motor Company, retired at age 50 so he could spend time with his wife. He said, "I never used to see my wife during the day so we never argued. Now we go grocery shopping together and fight over which brand of cereal to buy. It is ridiculous." Another boomer - Bob told me, "The relationship changes with my wife have been a shocker! We used to love our weekends together - bike riding, day trips. Now if I am around the house too much during the week, she disappears on the weekend."
Some Tips
Remember it will take time to replace what you lose by retiring. But with a little planning, you'll be able to:
*Regain your identity - You can begin now thinking about what you would put on your card, how you will identify yourself to the world.
*Establish a new purpose - Explore, explore, explore. Try different paths, different opportunities, until you find the right fit.
*Develop a substitute community - Now is the time to begin thinking about substitutes for your work colleagues. Consider getting another job, joining a health club, a religious group, volunteering at a local school, or whatever will satisfy.
*Renegotiate with family, discuss expectations - Review your needs with your spouse, partner, children, parents.
Conclusion
Living long enough to face the challenge of figuring out "what's next" can provide an opportunity to live out some dreams that were not realized earlier. But everything depends on good health, good health insurance and a sound financial portfolio. To ensure this, we need to work together - economists, demographers, psychologists, financial planners, policy analysts. We must work together to make sure the impending baby boomer tsunami does not reach shore._____________________________________________________________________
Prof. Nancy Schlossberg is the author of Retire Smart, Retire Happy: Finding Your True Path in Life. Her work was shown on a PBS special and can now be seen in a DVD - "Retire Smart, Retire Happy with Nancy Schlossberg." More information is available on her TransitionWorks website at http://www.transitionguide.com/.
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