Bracing for the Future

Anna D. Banks, GCDF

As far as retirement is concerned, most baby boomers on the verge of retiring are now envisioning a self-sufficient, independent lifestyle. The term ‘retirement’ means different things for different people. Some people plan on pursuing new interests, while the others just want to relax. Whatever the future holds for you, one thing is for sure – a secure retirement is the only way you can brace yourself for the future.

Take some time out to envision how you would like to spend your time on retirement and once you have established certain retirement goals, you must determine how your financial resources can be invested. Retirement planning is the only way to ensure you enjoy a comfortable retired life.

Yes, financial security is the key element of any happy retirement. How you plan on spending your retirement time is also extremely important. If you have no fixed plans for your retirement, then you might as well start thinking of alternatives for your regular work schedule. By the year 2008, most of the senior workers and baby boomers will be getting ready for retirement. So, if you happen to be heading towards retirement, here are a few ways to help you get started with your retirement plans.

Planning for your Retirement

• Make New Choices – Now is the time for you to focus on what it is that you want to do. What activities are you planning on signing up for? From education to caring for animals to handiwork and even volunteering, retirement will provide you with enough time for all such activities. Once you join in the activities, you won’t have to sit idle anymore, making your retirement less boring.

• Travel – Travel is one of the most popular activities amongst retirees today. Most airlines, restaurants, tourist attractions, hotels and car rental companies offer discounts for seniors. This is a good way to enjoy your retirement time and to make up for all those long and dreary working years.

• Whether or Not you want to Work – If you’re one of those people who prefer working even after retirement – either because you enjoy working or you need the extra income, then you could probably continue working with your current employer as a consultant or even a part-time employee. With the valuable knowledge that you’ve gained over the years, getting a good job shouldn’t be a tough prospect.

When it comes to working after retirement, keep in mind that your retirement could actually give you the perfect opportunity to turn a hobby into a business. Whatever may be your plans, if you’re planning on working after retirement, remember that there are an increasing number of baby boomers who are also working in a variety of ways ranging from second careers to part time jobs.

The additional income that you may earn in this way will go a long way in replenishing your savings and the retirement benefits that you are provided with, like social security and pension fund. As far as savings are concerned, time can be one of the best resources in helping money grow. When saving for retirement, it is advisable to consider your retirement goals first, the number of years left for you to retire, the tax implications and your tolerance for risk.

© 2007 Anna D. Banks, GCDF
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Author's Note:
Do you have any questions about career development or lifestyle changes for Baby Boomers, which you think others, like you, would want to know the answers? Please email your questions to Anna@AnnaBanks.com or post a message on this blog?