Baby Boomers See, Baby Boomers Do
Retirement means something different for everyone. Even before the Recession, I’m sure there were retirees who never thought of retirement as “completely retiring yourself from the workforce and moving to Florida.”
We are all different, so it stands to reason that some people either remained in the workforce until they couldn’t anymore, or dedicated themselves to their life-long career part time and enjoyed other hobbies on the side.
If it is true that retirement is truly changing and becoming another stage in life, instead of the end of a long journey, then the habits of baby boomers who are planning for retirement may also be changing.
According to an article published in FinancialAdvisor.com, which discussed recent baby boomer retirement trends, “WEtirement” is becoming increasingly popular for some baby boomers.
Coined by the author of the article, Robert Laura, “WEtirement,” is the desire of some baby boomers to retire close to, and interact with, their peers. They no longer are looking for just advisors or professionals. Baby boomers want someone their own age, who has a firm plan in place, to discuss with them what options they may have and how retirement has worked out for them thus far.
Laura, which also holds seminars, is adamant that taboo topics from years past, are no longer ignored. In fact, they are embraced head-on and part of that shift can be attributed to baby boomer interaction.
It’s the same as buying a product you know nothing about. A sales representative can say whatever they want (that’s their job) but consumers also need consumer reinforcement. They want to hear from people just like them before they take the plunge.
It seems to me, retirement is no longer a lecture, with baby boomers acting as audience members, but it’s not a solitary one either. If retirement itself is changing, then retirement planning must change with it, and consumer reinforcement may be the first step.
Retirement is about finances, sure, but remember, we were never meant to be solitary creatures. We need a little push every now and then, from our peers, our friends, our spouses, etc. A more united, community effort may be what some baby boomers need to jump start their retirement planning. It may make all the difference.
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