07-05-08
A New Model for Retirement
If you are one of the millions of baby boomers set to retire, you either don’t want your parents’ retirement plans or you are ready to create a new plan of your own. Retirement plans take careful financial planning, especially in today’s chaotic money markets. Baby boomers begin to chart a new course for all future generations by retiring facing unique challenges their parents did not face: longer life spans, no pension plans, and higher medical costs. This generation will teach future generations strategies for surviving in their later years with a new vision and sound economics with a new model for vibrant living through retirement.
Other ways to secure additional monies, for future retirement purposes are to save early and more, and to nurture hobbies that can turn into second careers later in life. It’s certain that the baby boomers do not want an inactive retirement, and their good health and life spans may help them to enjoy the later years with sufficient activity and income. If they’ve deferred a dream of being an artist, they may now find that this additional income, though far less than their traditional careers, may make enough to secure their future when they retire. It pays to stay creative and to find additional income sources that don’t rely on just the Social Security network or traditional retirement plans. Part of long-range planning for retirement from now on will include a look at how one hopes to spend their time, beyond just golfing and sight-seeing.
20 May
