When I was a consultant with one of Canada’s Largest Financial Services companies, I frequently asked the question: Do you plan to retire or re-engage?
Boomers grew up believing that they would work for a company with benefits and pensions. At the age of 65, they expected to retire. Retire means to stop working. Reaching the retirement age in the last few years, many have discovered that expectations have changed drastically. We are living longer than ever expected and finding that there isn’t enough money at the end of the rainbow!
People now understand that compromises have to be made. Either find new sources of income to supplement pensions, or adjust expectations. The idea of travelling every year or just living an idle life is no longer practical.
“Freedom 55” has become a pipe dream for most. That was a concept that an insurance company came up with that would allow you to retire at 55 instead of 65. Markets didn’t do what was expected and many never realized that dream. Now what do they do?
Many Boomers have been forced to re-engage for financial reasons and many more have just decided that they are too young to retire. The problem is, we were never taught how to make that adjustment. Where do we go from here?
(I’m the guy with the bow tie in this picture to the left!)
We can become Wal-mart greeters! If that’s not for you, maybe it’s time to consider starting a business. There are many great options out there like LegalShield, Visalus, Pure Leverage, and the list goes on. Alternatively, you could start a bricks and mortar business or purchase a franchise.
Some are in better positions financially but are just not ready to retire yet. They could consider volunteering at the local hospital or maybe driving cancer patients for appointments and treatment.
Retire or re-engage? What will it be for you?
Make it a great day,
Barrie, Ontario, Canada