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Baby Boomers: Are You Prepared to Restructure Your Life?

Are you a baby boomer who’s ready to retire, and if so, are you ready for retirement? That’s the big question. If you are like me, a baby boomer in the latter stages getting near retirement age, do you have enough money or investments set aside to carry you through your retirement? Will you be able to continue your current standard of living (or better) based on the money you have saved?

Let’s take a minute to analyze this thinking. For example, let’s say you’re a 50 year old baby boomer earning $50K a year. For whatever reason, our culture has arbitrarily chosen the age of 65 as the ideal age to retire. Based on this, you have fifteen more years before the so called “golden handshake.”

Let’s also assume that you want to live at the same comfort level that you’re currently accustomed to, and you don’t have plans to switch to ramen noodles and prunes as your staple diet.

How long will you live? In today’s age of modern medicine, a healthy adult could definitely make it to ninety or even a hundred years old.

In terms of your retirement and savings, let’s also assume that your company executives pulled an Enron scam, and stole your entire pension fund. You can also assume (rightly so) that social security will be a thing of the past. That leaves 25 years of retirement supported solely by your savings and investments.

CNN has this nifty little retirement calculator that predicts that you will need $850,019 in the bank in order to just maintain your current standard of living. The question is, do you have that much?

Times are a ‘changing as the saying goes, and baby boomers, unfortunately, are bearing the worst of those changes as they approach retirement age. Many of us have worked our whole lives to scrimp and save thinking that there would pensions and social security to supplement our income during retirement. If you face the scary truth, and realize that these additions for retirees may soon be a thing of the past, where does that leave you? The reality is that it leaves us with a potential mess. However, it also leaves us with an opportunity.

No matter what, life is going to continue on no matter what you do. You will not be able to impact the inevitable demise of social security or the loss of your pensions and retirements. You can however, make a difference in your own life. It will all depend on how you respond to these changes, and the possibly tumultuous future.

Instead of sitting back and letting the world steam roll over you, you need to be willing to get up and do something about your future. Quit worrying about things you cannot change. Instead, start doing something about the things that you can control.

Retirement is a dirty word in my book. Old books, old cars and things that no longer work are retired. Are you so old that you can no longer work or be useful? I’m not! I’m still very active and useful.

So, what should you do? Where should you turn? You should start by reinventing yourself. Find something that you are passionate about, good at and that brings you joy and start doing it. The one requirement – make sure you get paid for it. Home-base business opportunities abound. They give you the freedom to do what you want, when you want. And, more importantly, they allow you to write your own paycheck. You just need to find one that is the right fit for you.

As you reach that certain age where others think you are no longer useful, don’t retire (at least don’t call it that). Instead, rejuvenate, reinvent, revitalize, and restructure your life. Take control of your life and do something that keeps you alive and earning. Remember, life goes on (sometimes like a freight train) but know and be secure in the thinking that you will be fine no matter what comes your way.

Don’t wait another minute, get started now!

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