Wednesday, 30 December 2009

Boomers all over the world are redefining retirement

Boomers at every stage they have passed through have had a fundamental impact on our social institutions. It is not surprising therefore that they are redefining retirement. In the UK more people are delaying retirement because they have to but many more are doing so because they don't want to. 30 -40 years of doing very little that is meaningful is having a real impact on people's thinking. We all need work be that non-paid or paid. Meaning is the new money. And the boomers want lots of it! Look at a recent Canadian article : "When I visited an art festival this summer in Peterborough, Ont., I was struck by how many artists were Baby Boomers who had retired from 30-year-plus careers in business or government and finally took the plunge as creative artists. Tina DiVito, director of retirement strategies for BMO Financial Group, noticed the same trend during a trip to Quebec City in August. 'They're not trying to make millions but it's very rewarding to a lot of people."

Other Boomers will build home-based businesses, using the Internet. Anyone on Twitter is familiar with the hordes of Internet-based marketers, selling products or services through multi-level marketing schemes, affiliate programs and their variants."

Three years ago, a BMO study found most Canadian Boomers planned to work "in some capacity" after traditional retirement, with the top two reasons being "to stay mentally active" and "stay in touch with people." Money was third. In 2009, the three were reversed, with more than 80% citing the need to "earn money" in retirement or semi-retirement.

The growth in self employment in this age group, often because of difficulty in finding a job after 50 or not finding one that is flexible enough is testament again to this development.

The 20th century model of education, paid work and retirement is collapsing in front of our lives.

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