A Conversation with... Prof. (Emerita) Nancy Schlossberg on Retirement and Baby Boomers
Maryland Professor of Education (Emerita) Nancy Schlossberg can best be described as a "Retirement Guru." She is a Baby Boomer expert, who can talk about adult development, adult transitions, career development, and intergenerational relationships. She has written extensively about retirement planning - an issue that is coming to the forefront for those Americans who are part of the Baby Boom Generation (defined as individuals born between 1946 and 1967). Baby Boomers will start turning 60 on January 1, 2006, and as of July 1, can start taking money out of their 401(k) retirement accounts without IRS penalty.
During a recent conversation, Prof. Schlossberg talked about what Baby Boomers want in the future, as well as some of the key issues that generation needs to be thinking about as retirement looms.
Q: Are Baby Boomers Ready for Retirement?
Some are and some aren't. I think that Baby Boomers are going to continue to work for money and for other reasons. I don't think they're going to want to work full time, but on a modified schedule, so that they can have a full life. Many will not be willing to give up the money, the power, and the prestige. The word "retirement" is a bad word. Baby Boomers don't like to see themselves as retired. They want to see themselves as involved, as very energetic, and very engaged in life.
While people who are retiring take stock of their financial resources, they don't always take stock of their psychological resources. Many say they didn't realize what was at stake when they left their job. They didn't think about things like how to structure their life, their time, and how they might matter to others.
In an ideal world, we all should be thinking about our psychological as well as our financial portfolios. I hope my book, Retire Smart, Retire Happy will be helpful in that regard. I don't think people realize until they're in that situation what it's really like. Identity is key; when someone can say, for example, "I'm a professor," that's one thing, but when that identity is no longer there, it can be quite upsetting. It can take time to figure out a new identity.
Q: Why Can The Idea Of Retirement Be So Difficult For Some, So Easy For Others?
People don't retire, they change gears. Even if they are golfing, they are doing something, creating a new life for themselves. Some people have a passion and know what they want to do. Others flounder until they can find the right path for themselves.
Q: If There Is Just One Thing That Baby Boomers Need To Think About Before Retirement, What Would That Be?
Remember what it was like when you graduated from college? Some people knew exactly what they wanted to do; others tried many things until finding their niche. It's the same when leaving a job. You have to figure out what you want to do. A lot of people don't know exactly what they want to do, what they want to create. There are many paths Baby Boomers can take, but no path is better than any other. If you take the perspective that there are still years to plan and do things, then that can be very exciting for Baby Boomers. They need to see things not as an end, but as evolving career development.
Q: What Other Tips Do You Have For Anyone Who Is Ready To Retire?
I was on a TV show once, and there was a discussion about "regrets" in life. One of the guests, Noah Adams, was from NPR (National Public Radio). As a 50 year old, he decided to really think about what he most regretted, and then do something about it. He had always wanted play the piano. So he took lessons and wrote a book about it. What this tells us is that we have an opportunity to say, "I haven't been able to do everything in life, so now is a good time to look at what I regret not doing, and see if I can't make it happen." It's a new way of thinking about things.
For More Information:
Prof. Schlossberg is part of the University of Maryland's new searchable online database of experts at http://www.newsdesk.umd.edu/experts.
Professor Schlossberg's website is : http://www.transitionguide.com/
A web-based version of this release is available at:http://www.newsdesk.umd.edu/culture/release.cfm?ArticleID=1094
RSS