Baby Boomers and the Dilemma of Facing Retirement

In 2006, the group of Americans known as baby boomers (1946-1964) turned 60 years old. Now almost a decade later, a number of them are either heading toward or have entered the retirement phase of their lives. The fact is that this is a transition that is not always as serene as many boomers envision such an experience will be. A report released by Ameriprise Financial on February 3, 2015 released the results of its findings of those more than 1000 baby boomers ages 60 to 73 years old who have already made the transition into the post career stage of their lives. Among the more interesting findings of the report were:

69 percent of boomers polled stated that they had challenges adapting to the changes in their lives
32 percent had difficulty adapting to new and different routines
37 percent missed the day-to day social connections with colleagues
22 percent have trouble finding ways to give meaning and purpose to their days

On the contrary:

76 percent stated that felt in control of their decision to retirement
52 percent felt that they were more than emotionally prepared to retire
97 percent argued that they somewhat are very satisfied with their retirement lifestyle

From a psychological standpoint:

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47 percent felt ready to retire but had mixed emotions
25 percent made the point that they felt stress after being retired for some time
21 percent were uncertain or realized that they were not ready to retire after the fact

Financially speaking:

22 percent said that they were spending more money in retirement than they had anticipated
24 percent came to the realization that hey had underestimated thier income needs
28 percent reported that they were spending less money than they had anticipated

Among other survey findings:

17 percent felt financially ready to retire
16 percent no longer had a desire to work
The same percentage 16 percent were forced to retire to by their employer, were offered early retirement incentives or lost their full time jobs

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It was evident that many of the poll’s participants made it clear that it was important to be emotionally prepared for your retirement before you make the leap to do so. Moreover, according to Marcy Keckler, vice president of financial advice strategy at Ameriprise Financial argues that it is important for people to in control of their retirement decisions, make sure that they secure solid and precise financial preparation as well as being emotionally and socially prepared to embark upon such a potentially life changing decision.

For those of us who have not even hit our 50th birthdays, the though of retirement is a distant, if not long term thought whose bridge we will attempt to cross when we arrive at it during the next decade(s). Whether we are baby boomers, Gen X’ers, millennials etc…there is no doubt that a person should prepare well in advance about considering to make their decision to retire and be deftly strategical in their moves before they actually execute their plans to do so. Such long term, meticulous planning can be a very effective tool in avoiding the potential psychological, social. financial and other potential related pitfalls associated with effectively saying goodbye to the workplace.

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