Retirement Planning - How To Maintain Financial Stability When You Retire

For baby boomers, retirement is looming quickly. Retirement planning is a real issue today. Baby boomers are regarded as the biggest spenders in human history.

What happens when they retire? Do they want to hang up the work gear and equipment? It was never supposed to happen this quick. Suddenly retirement planning doesn’t look so good.

We’re tipping many of them don’t want to retire either because they can’t afford to or if they do, then they will lose lots of meaning to their life.

As humans, one of our driving forces is having purpose and meaning and the sad fact is, when we reach our golden years, unless we have something of purpose to base our lives around, then it becomes a struggle.

The term Phased Retirement is not very well known now but I’m tipping when the first of the boomers start to hand in their employment identification cards from about 2010, Phased Retirement will become somewhat of a buzz term.

What Is Phased Retirement?

Planning for retirement doesn’t seem important when you’re in your 20s. For many retirees, when it’s time to join the retirement club, many will miss that weekly income.

Phased Retirement is basically described as…”Phased Retirement is any non-traditional work arrangement that allows you to keep working far past the typical retirement age.”

Instead of stopping work completely, you may decide to keep working. It means you could create a relaxed work schedule with your employer or if you’re a business owner, you may strike up a deal to continue working on a part time basis after you’ve sold the business.

In a nutshell, when the baby boomers start leaving the work force in numbers, a lot of irreplaceable expertise is going to be lost. Retirement planning should include a Phased Retirement plan which is a way to retain a lot of that expertise and help the retiree to keep earning income to cover their living expenses.