Retirement As You Want It

Do You Wonder What To Do In Your Next Act?

If you have left your mid-years' career, or intend to do so soon, and wonder what you'll do to fill your hours with challenging, delightful, meaningful things, then check out the excerpts of all my past TV shows on YouTube. You'll be delighted to find short previews of people who've left Wall Street, corporate life, advertising, teaching, social work, and many other careers and have started something entirely new.

Some are "encore careering" for pay, some as a volunteer, some part-time, some entrepreneurial. But, some qualities are central to all these people. They are excited, invested, passionate, curious, open, receptive. They are engaged in their lives.

To the left (above) is Riva Berkovitz, who discovered macro-photography in her 70s. That's me on the right. Below to the left is Amy Lampert, who left Wall Street to start her own business "demystifying" investments for women and youth. And the image on the right was painted by former businessman turned artist, Fred Mandell, whose video clip will be up on YouTube very soon. 

 

Caregiving of Older Americans Presents Opportunity for Encore Careers

Boomers are turning to elder caregiving as encore careers either by necessity as their parents become more dependent or by choice as they elect re-training in gerontology-related fields.

The Caregiving Project for Older Americans, the International Longevity Center - USA, and the Schmiedling Center for Senior Health and Education have teamed up to coordinate and disseminate information to recruit and train caregivers via community colleges all across the US.

Aside from hands-on care in elders' homes and facilities, what opportunities might arise to service the needs of this growing part of the population? A few come to my mind. Are any of these on your radar screen as you determine how you will earn income to supplement your diminished investments and savings after you leave your mid-careers?

• Developing more multi-generational communities
• Creating networks of associations to provide services to aged people who live distant from their families
• Designing of residences that allow people to age in place
• In-home services to buttress independence
• Shopping services
• Respite programs
• Financial ombuds-persons to oversee elder financial abuse
• Online and telephone support to caregivers of family members of people with Alzheimer's and dementia
• Travel companions for the elderly or disabled. Photo here from PenPalTravel for service that performs these functions.
• Nutrition consultants for people who live alone
• Exercise coaches and fitness centers for the aging population

Any other ideas that match your area of expertise? Please add to this list by Commenting below.

Should the Idea of Retirement Be Retired?

Have you noticed that "retirement" is not what it used to be? How many of you are postponing retirement because you don't have enough money to support you in the way you expected? How many of you have retired, but find you are not as excited about the 24/7 lack of structure and meaning as you anticipated? Or recognize that you want to create something to do that is meaningful and purposeful and also get paid for doing it?

You're not alone! Millions of Baby Boomers and Silent Gen people are finding that their parents' views of retirement are not working for them. Whether it's finances or purpose and meaning that are making you think twice about what your retirement is or will be, listen to what Helen Dennis, a nationally renowned specialist on aging, employment, and retirement, said when she spoke at a meeting of the Life Planning Network in the Boston area.

Dennis listed all the ways that the word "retirement" is being re-fashioned -- Rewirement, Too Young to Retire, Encore Careers, 2nd Half of Life, 3rd Age -- testimony to the questions we have about what is this period of life being or becoming. Whatever it is, she said, "Boomers will make it cool," as they have about all the new ventures Boomers have started.

The leadership guru, Warren Bennis, who wrote Geeks and Geezers, studied what makes for successful leaders, young and older, Dennis described. How are these relevant to what you want to carry over into this next act?

* Having conviction conveyed by a sense of purpose and passion

* Nurturing authentic relationships that involve trust

* Purveyors of hope and optimism; a "positive illusion of reality"

* Balance - identity and self-esteem is not wrapped up in 1 aspect of life

* Bias toward action - a sense of adventure and sensible risk-taking

Despite the financial crunch, recent studies conducted by the MetLife Foundation and Ken Dychtwald, author of With Purpose: Going from Success to Significance in Work and Life, find that people value purpose, meaning, and friendships even more than money. "Moving from success to significance" is a general theme of people entering the 3rd Age, Helen Dennis suggests, and many seek hybrid experiences of volunteering, giving back, caregiving, and income-producing activities.

Where are you on this journey? Contribute your story and I might feature you in an upcoming post.

"Alivelihood: New Careers As We Age" Features Passionate New Careerists

Would you like inspiration to be more "alive," more lively, and just possibly create a new livelihood after you've left or downsized from your mid-years' career? That's what my TV show, "Alivelihood" is about. I interview people who've transitioned into new projects, as a volunteer, entrepreneur or as an employee, both part-time and full-time. Some are social activists; some are pursuing creative dreams and have entered the arts, comedy, writing. Here are a few nuggets of information and links to recent shows:

• Polaris Project chair of the board, Mei-Mei Akwai Ellerman, describes the heartbreak of young people from all over the world who are taken to the US and other countries as SLAVES, yes, slaves. They are victims of human trafficking networks that exists right here in the US. The children and young people are used as prostitutes, in menial labor, and in the military at an age when our children are shuttled to soccer practice, gymnastics, and flute lessons by their moms or nannies. See video of her interview. Be patient - these take a moment to load!
• Lois Krasilovsky of Homes By Lois spent decades as a real estate agent and developer. After volunteering with her sons' service projects when they were in high school, she got the bug to "give back" and parlayed her "Homes By Lois" into an organization that goes to poor areas of the US to lend a hand in rebuilding homes and community spaces. I've written a longer post about Lois on this blog. See video.
• Linda Kenney was a patient when a medically induced trauma occurred, bringing her very near the brink of death. Instead of suing, she started MITSS, Medically Induced Trauma Support Services, the only program that provides support for patients, families, and the professional caregivers. See video.

Future shows will include a stand-up comic, photographer, graphic artists, and people working for NGOs. If you know of people who live commuting distance from the Boston area and would like an opportunity to publicize their new "careers," ask them to contact me.

Boomers Flock to Community Housing as Antidote for Downsized Income

Do you remember living with roommates to save money when you were in your 20s? You likely have less than positive memories of sharing space with people who were messier than you, louder than you, who smoked, drugged, and stayed up to all kinds of hours partying.

Well, many boomers are electing to rent rooms in their big, largely unoccupied homes or to opt for some form of community living in order to manage on their decreased income, due to job layoffs or investment losses. Those who are at risk of losing their homes to foreclosure would do well to consider these options.

But, remember -- it's no longer necessary to compromise your principles and lifestyle by living with people whose values are antithetical to yours. When you take in boarders who are carefully screened, Atlanta's Household Match reminds you that you get these benefits:

• Independence.
• Enables homeowners to remain in their homes.
• Provides safety and security.
• Substantially reduces living expenses.
• Alleviates loneliness.

HomeShare Vermont is a service that matches older people who want to stay in their homes with people who need housing and want to contribute some caretaking to lower their living expenses. A win-win for boomers and elders.

The National Shared Housing Resource Center is a clearinghouse that provides resources in each state for homeowners and renters. Most of these are free matching services or resource sites that originally provided help for elderly and disabled people. Increasingly, they are being used for the boomer population that is being hard hit by the recession.

Rather than bemoaning the loss of income and privacy, Alexander Zaitchik writes on AlterNet. "Does a return to the communal idea, borne of economic necessity, also have emotional, social, and environmental benefits?" He suggests that we might open our often extravagantly large homes to the "newly penurious," a way of saving energy and the environment, as well as enjoying the companionship of a like-minded soul. Or, Zaitchik writes, why not find communal housing closer to the activities of the city, rather than remaining in isolated suburban communities ... or develop "intentional communities" in rural areas, if that is your preference? 

Since social suppport is one of the indicators of living longer, happier lives, these new/old ideas for community living might be one of those positive outcomes of a difficult time.

What is your ideal living environment for your future, downsized or not?

Boomers Need Policy Initiatives to Reflect the New Economic World

A message from Donna Rohrer at The Boomer Blog suggests that this meltdown we're in now is not likely to go back to the "normal" we know and love anytime soon. Boomers are not going to choose to buy McMansions or buy so many of those Rolex watches that are pictured in The New Yorker, nor take the elaborate trips they once did. Those in retirement or pre-retirement are down-sizing their expectations of what their next years will include. 80% of Boomers surveyed a few years ago stated they would work past retirement age, just because they wanted to stay vital and engaged. What about now?

Rohrer's message is meant not to discourage, but to jolt policy-makers in government, corporations, and non-profits to think differently to meet the realities of the current situation. Here are some ideas from her column:

• Institute new zoning regulations to incorporate whose who want to “age in place,” rather than move to a retirement community or (surely not!) to an assisted living community
• Put incentives in place to encourage contractors to build smaller, greener homes
• Build public transit that matches what forward-looking countries all over the world have - think the Bullet train in Japan
• Assist people who want to continue working over age 70 so that they will delay applying for Social Security

How is your mentality changing about how you'll live your life in these next decades? And what do you need from your policy-makers to accommodate your new reality?

Comment here or write to me at Karma@LifeSpringCoaching.com

Is "UnRetirement" Coaching for You?

Are you approaching traditional retirement age and know you want more flexibility, but don't want to just live a life of leisure 24/7? Is your retirement wallet slimmer than you expected and you realize you need to earn some more money to supplement your assets?

"Unretirement coaching" might be the vehicle that will get you where you want to go. Sun Life publishes an unretirement index, which studies the attitudes of baby boomers toward coming retirement. Of the 48% that state they will continue working past age 67, 83% of them cite "staying mentally engaged" as the motivator, not the need to earn money.

While the term "retirement" might be a thing of the past for many of us, retirement still looms as an undefined period of 20-30 years where we are active, energetic, and eager to pursue interests we've put aside for decades. But, how can we discover what we want to do to keep ourselves mentally, emotionally, and physically fit for this next phase of life?

Meg Newhouse, co-founder of the Life Planning Network, an organization of professionals who provide a range of services to the over-50 group states that coaches help people to "reinvent their lives, creating second careers with more flexible schedules that allow for volunteer commitments and family." (for image above, © Nikolay Mamluke| Dreamstime.com)

If working 1-1 with a coach isn't your preference, you might choose a retirement planning workshop where you can dialog with like-minded people. Many resorts, community colleges, and wellness retreats now offer such programs, where qualified coach leaders take you on a journey of discovery of things that turned you on from many years ago and now to lparlay these passions into an "unretirement" career or volunteer activity.

If you are at a loss, write to me at Karma@LifeSpringCoaching.com for a free initial phone session.

Coping With the Market Downturn

Many of us have lived through years of seeing the stock market go up, our real estate investments increase in value, and have assumed we'd have a good income to supplement our social security benefits, once we leave our mid-years' employment.

 

Not so for many of us. Rather than obsess, catastrophize, "what if" or "if only I had done... ", here are some alternative ways of coping. 

 

Despite what financial gurus tell us, we have no way to control or predict the global financial picture. Not even Warren Buffett was successful at that! Here are some questions that will redirect your energies to places where you do have some control.

 

 

What does it mean to you to downsize? What would you be failing at if you did?

·        Failing to be competitive?

·   Keep up appearances?

·        Failure to fulfill others’ expectations?

·        Lose your identity based on how much you earn and the lifestyle it represents?

·        Lose your reference group (colleagues)?

What do you see when you face your fears that are triggered by losing money? What does it call up inside you? What’s the worst case scenario?

What is the meaning to you of being “prosperous?”

What is it to have a full, rich life? What percentage of this richness is attributable to money?

What do you want to do today to create a meaningful life regardless of how much money you have?

What are you willing to do to step out of your comfort zone to earn more money if that’s necessary to achieve your goals?

What do you do for yourself right now that is life-affirming?

  

What are the messages you grew up with about $? What money gremlins hide inside you? What are you bringing forward that’s keeping you in the past? 

What behaviors, fears, beliefs, values?

·        Not enough money

·        I’m bad with money

·        Spending $ is bad

·        I can’t make it on my own financially

·        Money is my enemy

·        People with money are tainted

Consider the root of these distorted beliefs in your family. What’s the realistic mature way of thinking that you want to replace this belief with? What concrete steps will you take to change your way of thinking.

What do you want to be remembered for? What legacy do you want to leave? What would knowing that bring you now?

What’s the most fun you’ve ever had? How does that correspond to how much you paid for the experience?

 

If you'd like to enter into a dialogue, comment here. When you do, I'll offer you a free coaching session on the phone to work on changing your perspective about money so that you feel more in control. Tell me how to contact you.

Delaying Retirement to Increase Your Savings?

Are you thinking of delaying your retirement plans, in the wake of all the startling financial news we're hearing? Or of going back to work, having already left your full-time work role? You're not alone.

The Wall Street Journal article by Kelly Greene on 9/22 (Baby Boomers Delay Retirement)reports the amount of the value of savings employed people over age 55 have for retirement, based on a survey of 1300 conducted in January of 2008. Only 23% of people in that demographic have more than $250,000 saved and invested. Now, it's likely to be even fewer. And that's not nearly enough money to keep us happy for the three-plus decades we're destined to live.

 But, take heart. Research (scroll down to Question 3 at this link) suggests that we live mentally and physically healthier lives when we work, at least part-time, rather than spending "retirement" doing purely recreational activities. The Health and Retirement Study Data by  James and Spiro from 2007 found that among 63-73 year old people who work part to full time, their depression scores are significantly lower than those who are retired.

According to anUrban Institute web-based article, "Job Market for Aging Boomers Will Favor Brains Over Brawn," those who've had education and experience will fare better in keeping their jobs, perhaps on a part-time basis, if they so desire. They're also more apt to find new work, based on their expertise, rather than having to go to menial jobs that pay considerably less than what they were accustomed to.

These are the fields that likely will want to retain the expertise of the 55+ workers:

• vets
• financial advisors
• community service managers
• surveyers
• environmental scientists
• teachers
• pharmacists
• counselors
• nurses ... and the list goes on

The fastest-growing area, the Urban Institute article suggests, is for personal and home care aides, a profession that relies less on prior experience or long years of training. If you're moving/ have moved to a retirement community and want to ensure you'll have some supplemental income, this is a field to explore.

More information about this topic is forthcoming when I review the book by Allyn Freeman and Robert Gorman called Reworking Retirement: A Practical Guide for Retirees Returning to the Workplace.

Working After "Retirement," the Boomers' Preference

What are all the baby boomers going to do after "retirement," given that 71% of them declared that they're going to continue working? The Wall Street Journal's Marketwatch calls this encore career a "secondment." It's a bit of an awkward term for me, but speaks to how we don't even have language to describe what is going on in the new retirement field.

At one time, there was no such thing as retirement, as we know it. Our ancestors (maybe even our parents) just worked until they died because there was no Social Security or pensions. Then Retirement, with a big R, got to be the thing that people dreamed and fantasized about, the time when they'd be able to do all those things they yearned to do on weekends or rushed 2-week vacations, but often didn't find the time to do because of family obligations or house projects.

Now, baby boomers are reinventing the word retirement. They want to continue to be challenged, motivated, contribute to their field, give back to society, learn new languages, volunteer their services in less-well off countries, anything but spend everyday on the golf course. For many, this is going to translate into working, but with a difference. More on their own terms.

In "Retirement vs. Secondment: Baby Boomers Start a Second Life," the author quotes a former GM human resources executive, Russ Creason, as saying, "I'd spent a lifetime building knowledge, experience and expertise...It you have your health and brain, why would you stop using your skills?" Apparently, there are lots of people who agree with him.

But, where do people go to find vehicles to use their skills, especially if employers are not forward-looking enough to want to make room for them in a part-time, flexible hour, or project-oriented position?

The article link (above) lists websites for the over-50 job-seeker:

• http://www.Seniors4Hire.org
• http://www.YourEncore.com
•  http://www.SeniorJobBank.com
•  http://www.SeniorJobs.org
•  http://www.SnagAJob.com
•  http://www.DinosaurExchange.com

There are also books being published that provide guidelines for presenting yourself to potential employers or starting new businesses. I'll soon review one called:Reworking Retirement: A Practical Guide for Retirees Returning to the Workplace by Allyn I. Freeman and Robert E. Gorman.

Another is: What's Next in Your Life? How to Find Meaning Beyond the Money - a Boomer's Guide to a New Retirement by Joan Strewler-Carter and Stephen Carter, co-authors. 

Stay tuned for book reviews about finding your next career or job post-50!