Retirement Now a Beginning, Not an End

For most workers, the life transition to retirement is an important issue. For years, people work to build a fulfilling career so that when ready to retire, they will be financially stable.

Up to now, retirement has largely been considered the end of something ñ the end of hectic work weeks, job pressures, and little time for personal pursuits. Today, more and more people view retirement as a beginning. This may mean the establishment of a new career, the beginning of personal fulfillment, or the start of a new lifestyle.

ACP International, a global organization of career professionals who provide lifelong career-related services, recently surveyed its members to learn more about current views about retirement among workers over age 50 who are approaching traditional retirement.

ìRetirement is a state of mind, not a life event,î was one comment that captured the views of many of todayís workers.

It is viewed as a state of mind because retirement affects people physically and mentally. Physically, people are by and large living longer and more active, healthy lives. At traditional retirement age, workers are still vibrant, healthy, willing and able to be active and take part in many activities including work, but on quite different terms. Mentally, the idea of no longer working creates a struggle for some.

Today, plenty of alternatives exist to the old notion of just retiring and sitting around relaxing. As one ACP International member says, ìMore people [are] re-inventing themselves and utilizing creative ways to recompose their careers and lives.î

Some of these alternatives continue well past age 60 or 65 and include obtaining a part-time job, setting up businesses, consulting or contracting their expertise, traveling, volunteering, and taking the time to do what theyíve always dreamed to do in a ìportfolio style career.î

ìPeople over 50 are healthier and want to live vibrant and vital lives, they want to utilize their skills, passions and contribute in some way,î adds an ACP member.

In 2004, it seems plans for retirement are less about simplifying life and more about taking advantage of the time from working full time to doing something fulfilling with more scope.

While retirement may hold different plans for people, finances remain a common issue. A good financial retirement plan revisited constantly is necessary to provide a lifetime stream of income beyond what retirement savings plans can support to cover a personís lifestyle expenses.

While all lifestyles require financial backing, those who choose to work later in life often do it by choice and some by necessity. ìFinances are certainly an issue, but I believe they would prefer to keep working, regardless of financial requirements,î notes an ACP member of his clients over 50.

Even so, the state of the economy has left some people worrying about the financial backing for retirement. ìIt seems that many people in the business world, working for small firms or having had to leave jobs due to downsizings, havenít had the opportunity to build a retirement income,î an ACP member comments.

One common concern of retirees is health care. ìMany have considered the implications of poor health but hope they donít need to find out the real benefits until it is too late,î one ACP member observes.

Retirement used to be uncomplicated. But in 2004, retirees are considering all their options to continue living a healthy, vibrant and satisfying lifestyle.