Retirement is Bridging the Generation Gap

Talk of retirement today is spanning generations. In today's economy, those approaching retirement are not the only ones planning for their last day in the workplace. With the numerous options and ways to save for the day when you are no longer woken up by that dreaded alarm clock, everyone from entry level employees to corporate executives have retirement on the brain and are avidly contributing to 401Ks, Social Security, IRAs, and other investments options. Retirement practices are transitioning with the times. With baby boomers reaching retirement and 65 years old deemed as "not so old", employees are not as apt to flee the workforce as hastily as preceding generations. When members of the greatest generation approached retirement, they saw it as a time to travel and relax after decades of hard work. But, as the baby boomers are being inducted into the club they are viewing it as an opportunity to de-stress and do something they will enjoy or a time that they will fill with part-time work to enhance their minds and income. Today, with medical advancements and more people living healthier lifestyles, people are expected to live well past their 80's, thus the amount of time someone is retired has practically doubled. Retirees are now faced with almost 25 years without a full time work schedule. So how do these retirees plan to use their time? Over 3,300 Nexxt Network users were asked "Do you anticipate working after retirement?" More than 86 percent said that they would remain a wage earner once they reached the retirement age. Only 13.72 percent of the users polled said that once they retire they are not planning to return to the workforce. For more than 53 percent of anticipated retirees' permanent separation from the workplace is being replaced with the idea of bridge employment (Journal of Occupational and Organizational Psychology). Bridging is a form of partial retirement, where an older worker intersperses segments of time away from the workplace with segments of short-term, part-time, seasonal, or freelance work. This type of work allows retirees to fulfill their need to make a valuable contribution to society and culture, while providing additional income in their senior years. A majority of seniors remain in the workplace immediately after retiring from a career job and explore opportunities they have yearned to do while others immediately disengage from the office but may return in time. The reasons for those who return to the workforce vary, however the most common reasons are financial pressures or the desire for activity or new social interactions. Those retirees, who have not properly planned for their retirement, sometimes find it difficult to make ends meet after their employer paycheck ceases to exist. In today's world, retirement is something that needs to be planned for and fear of possible financial concerns and high costs of healthcare may explain why more than 86 percent of today's workforce plans to continue to remain in the workforce. Making the right choices and plans for this critical chapter of your life that begins when you exit the office parking lot for the last time can be intimidating. You may ask yourself "Where do I start?" "How do I know I'm making the right choices?" "Do I really want to stop working?" Step one towards deciding how to manage your finances and time when you reach 65 years old (if not sooner) is to do some research, and there are plenty of resources out there to explore. One valuable resource, Invent Your Retirement Resources for the Good Life can help you master the latest technology, finance your retirement, understand your pension and find a job before, during, and after you have retired. You can learn more about Invent Your Retirement Resources for the Good Life as well as additional money management resources such as student loan consolidation and free salary reports by going to Career Resources