Boomers and the “R” word revisited
updated November, 2020
Gerontologist, Dr. David Denko, coined the term “Zoomer” back in 1998, a term grabbed by Moses Znaimer, executive director of CARP (Canadian Association of Retired Persons) and a very successful media entrepreneur. Many of you are familiar with the word. Zoomer describes the group of aging individuals – boomers – who are rejecting anything that even hints of traditional, stereotypical notions of aging (slowing down, retiring, becoming marginalized). And there are lots of them.
They represent the largest group for travel, real estate, health and beauty products and services, automotive market, home renovations and financial services.
The term “retirement” is no longer one that describes the attitude or lifestyle of more and more aging Canadians. Think financial independence.
What is your story? What do you want it to say?
Baby boomer retirement is not the same as our parents’ retirement if only because of the huge numbers entering that stage and how much longer we will live as a group. There are a number of retirement issues that face retirees today that have changed the face of retirement and will alter it more in the coming years.
Retirement has already become the longest set of phases in an individual’s lifetime. Each phase places different expectations and demands on assets, investments, spending and security. There are lots of issues to consider, things that keep you up at night. You need to invest in time and available expertise to plan properly. Then you need to stress test your assumptions and the assumptions that your advisors make. Make sure that those plans, strategies and solutions continue to do the job they were designed to do when you first set them up.
There are a set of identifiable phases that together comprise retirement. We cannot deal with all retirees the same way, nor are the priorities and issues the same for all retirees, even within the same socio-economic groups. Myths abound and so do the options.
A case in point is that the oldest boomers have boomer children. Do they feel they are in the same cohort, the same classification, that they have the same priorities, needs and values? No, yet they’re all boomers.
Boomers and the “R” Word”. What does it stand for? Retirement?…not for a growing number of aging individuals.
I speak with older client group as well as professional groups about Boomers and the “R” Word”. What does it stand for? Retirement?…not for a growing number of aging individuals. Think of rehirement , reinvention, recreation, relaxation, repayment, reentering, rejuvenation and repurpose to name but a few. The COVID-19 pandemic introduced two new words; reflection and resilience. And then there is that all important word, relevance? That last word, relevance, is something that strikes hard and deep with many people as they age. It’s the word that keeps business owners from retiring. It puts off decisions by advisors on succession planning. They like so many of their clients, have not redefined who they are going to be next.
Financial advisors need to find out what their clients’ definition of the “R” word is and what that will mean in their lives. You also need to consider that the definition will evolve as life happens. You can’t set up a proper investment plan or insurance program if you don’t know their story. As clients, what is your story? What do you want it to say?
That’s why it’s so important and valuable to identify someone who can take the lead in planning with you, recommending alternative strategies and help you implement ones that work for your personal situation. Then you can live your story as you wrote it, rehearsed, practiced and delivered with all the passion you want. Don't underestimate the value of professional advice when looking at retirement or whatever the "R" word means to you.
? 2018 by peter a wouters
? 2020 by peter a wouters
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