Baby Boomers Turning To Nonfinancial Retirement Planning

Thursday, March 1, 2007

Baby Boomers Turning To Nonfinancial Retirement Planning (NAPSA)—Mention “retire- ment” to an audience of baby boomers and you can be assured of a diverse range of reactions. While some view retirement as filled with relaxation, travel and golf, others are eager to pursue a second career, explore a special talent or devote themselves to community service. Regardless of emotional or practical reactionsto life’s transitions, a common denominator is emerging— a growing number of baby boomers recognize that a fulfillinglife transition requires comprehensive planning beyondthefinancial realm. “The concept of retirement is changing as 77 million baby boomers reach retirement age,” said Ron Manheimer, Ph.D., executive director of the North Carolina Cen- ter for Creative Retirement, NCCCR, a lifelong learning and research program of the University of North Carolina at Asheville. “The most important change takingplace is the realization that fulfilling years in mid- and later life don’t just happen, but require introspection and careful planning to address issues that mayarise,” he said. According to an AARP survey, approximately 80 percent of the baby boom generation intends to continue working after retirement. Many others will explore talents and passions, including volunteer service. To achieve their goals for postcareer lives, however, retirees will face numerous lifestyle issues, including replacing the social networking that comes from the workplace. Many have family issues to manage, including aging parents and the question of whetherto relo- Baby boomers are recognizing the need for retirement planning beyondthe financial realm. cate. Manycouples will also have to learn how to relate to each other once neither member is working full-time anymore. “Moneyis only onepiece of the retirement puzzle,” Manheimer said. “Another piece is meaning, which speaks to a person’s enjoy- ment of life and fulfillment after a career.” The growing need for comprehensive “lifestyle” planning for nonfinancial issues related to retirement has given rise to programs such as NCCCR. The Center offers Paths to Creative Retirement and Creative Retirement Exploration Weekend, which address issues related to life transitions. These programs attract participants from across the country seeking guidance withlife planning. “Studies of midlife adults have shown that those who began planning earlier and more intensely report much greater life enjoyment,” Manheimer said. “Baby boomers are realizing that with good planning, the second half of life can be the mostfulfillingof all.” For more information about planning for life beyond retirement, visit www.pathstocreative retirement.com.

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