Retirement used to be a short-lived reward. Many seniors of previous generations worked until age 65, retired with a modest financial plan, and then enjoyed only a brief retirement before declining health ended their lives. From a view of 10,000 feet, it is clear that they followed a straight line of education, career, children and a brief retirement.
Seniors today are much more fortunate. With the expectation of a longer lifespan, Baby Boomers enjoy their retirement years through a greater mix of work and life. No longer forced to follow the same linear path as their parents, Baby Boomers are discovering their own path – a path filled with greater possibilities.
As financial advisors this new education, work, leisure lifecycle especially applies to us too. We only need to keep sharp through education and financial product innovations to remain relevant and significant to our clients. Of course having someone on your team as back up and successor would assure that clients know that their plans won’t get sick or die if you do.
In my September “That’s Life” column for Senior Market Advisor, I explore this new path and the “longevity bonus” – a term coined by Ken Dychtwald, Ph.D., futurist, author and president of Age Wave, to describe the expectation of an active and vibrant life 20 to 30 years after retirement age.
Please read the online column to learn more about how to help you and your clients navigate the new path of possibilities retirement offers. I also encourage you to share your own personal insight into the “longevity bonus” through this Blog post.
