Will most baby boomers truly retire? The old mainstays of golf, grandkids and travel haven’t been enough to satisfy many retirees from previous generations. With the great amounts of energy and success that exist within the baby boomer generation, retirement isn’t likely to sustain their attention much longer than it did their parents’.

If the current generation of retirees is any indication, baby boomers and younger workers alike have a thing or two to learn from their older counterparts. In August 2005, Putnam Investments performed a retirement survey called “Working in Retirement.” Most of the retirees surveyed returned to work after an average of only 18 months of retirement. Of those who returned, 32% cited financial need, while 68% did so voluntarily.

The return to work may signal a problem that most retirees don’t anticipate: having something fulfilling to do. The keyword is fulfilling, and it’s the driving force behind a return to work. Of course, the added income and the potential health insurance benefits don”t hurt either. The phenomenon has become so recognized that In areas with large and increasing populations of retirees, like Arizona, many employers are catering to the retired crowd. Certain companies offer specific work opportunities crafted for retired people. In Tempe, Ariz., Wells Fargo has a special processing center that hires mostly retirees, whom they have nicknamed “Silver Bullets.”

The Putnam study didn’t focus just on work after retirement. It also emphasized several key reminders for younger workers. Even though the current generation of retirees is relatively financially stable, they still have concerns about running out of money, and they’re worried younger people will do the same. They emphasized starting retirement savings early, developing a retirement plan and saving as much as you can both through your workplace program and on your own.

Retirement could be the beginning of many great years. Working with a financial professional and having the proper plan in place is a key part of retirement. You should also keep an eye on healthcare costs and stay informed on issues that will effect your retirement. You should always be focused on your plan and be aware of some common pitfalls. That way, you can be prepared to make the best years of your life as good as they can possibly be.

No one expects the baby boomer generation to be content with life in retirement, which is why planning post-retirement activities, both work and play, is so important. And it’s just as important for younger workers to plan for such activities too. No matter your age, informing your financial professional of your desire to work and your hobbies and interests will make your retirement plan that much more complete.

It’s hard to call Lee Iacocca a failure. In fact, it’s nearly impossible.

The man who led Chrysler back from the brink of failure, and later helped raise millions of dollars to revitalize the Statue of Liberty, admitted years ago he had failed at something: retirement.

In a Fortune article in 1996, Iacocca shocked the nation by saying, “You plan everything in life, and then the roof caves in on you because you haven’t done enough thinking about who you are and what you should do with the rest of your life.”

If this sounds familiar, you aren’t alone. Most Americans are avoiding the talk of life after retirement, and even more are putting off the financial aspects of retirement planning. Even of those who realize having a plan is essential, many don’t bother to decide what they’ll devote their precious time to later in life. This is becoming a common problem that could be prevented with a little help.

Most financial professionals are interested in your life’s details a great deal. They want to help you retire in comfort, and in order to formulate a complete retirement plan, they need to know what your plans, goals, and aspirations are during your golden years. In short, they need to know exactly what Lee Iacocca didn’t. They’re just as committed to helping you reach your goals, both personal and financial, as you are.

When workers were asked about the most helpful tool for saving for retirement in the 2005 Retirement Confidence Survey, the largest percentage of workers surveyed (27%), said they believed advice from a financial professional was the most helpful. If those surveyed felt confident in their retirement plan, it was probably because they have a much more realistic outlook on the task of planning.

According to Investment News, Roper Public Affairs recently conducted an in-depth survey of future retirees for American Express Financial Advisors, Inc. The results were not only somewhat disturbing, but also very telling of the benefits of the help a financial professional can add to someone’s life.

Of the almost 1,400 adults surveyed, those who currently had help from a financial professional were not only more realistic in the amount they believed they needed to save for retirement, but had more saved, than those without help.

The survey asked men and women between the ages of 40 and 64, who made at least $75,000 a year, a series of questions. People who didn’t use the help of a financial professional, were 63% more likely to say they were “uncertain” about retirement. Their financial estimates of post-retirement income were also off the mark.

On average, those who didn’t have the help of a professional, overestimated the amount they’d need later in life, and also had a great deal less saved up. It’s not hard to see how the combination of those two factors can lead to a great deal of stress in an already stressful world.

One of the more serious results of the study came from the responses of those surveyed regarding working during retirement. No one expects the baby boomer generation to go quietly into the night. In fact, more baby boomers are expected to continue working than any other previous generation. But working while you are retired should be a choice, not a necessity.

Of those without professional advice, 22% said they expected they would be forced to work after retirement, rather than choose to work. Only 9% of those with professional help said they would be forced into work.

It’s no secret why people trust financial professionals when it comes time to figure out the future. Planning for retirement is more than just crunching numbers. To be certain you’ll achieve your goals during your golden years, you need more than just financial help. That’s why more and more people are turning to financial professionals for advice on both life and retirement planning. A professional will help you decide your financial and lifestyle priorities and find a plan that will help you live out your retirement in comfort. Working after retirement should be a choice, not a necessity, and a financial professional can make it possible.

The vast majority of people reading this will never receive the benefit of social security for the purpose of retirement-unless of course serious adjustments are made in the current system. There are simply too many people living much longer than anticipated.
At the same time, regardless of how much you’ve managed to pay into social security over time it is doubtful that anyone could live on the amount of money they would receive in social security benefits even if they had no other significant bills to pay such as house notes, car notes, or insurance on a home or automobile.
It amazes me that my grandparents managed to live on the modest sum that was earned from my grandfather’s retirement and social security. They were never wealthy but in the last decade or so I understood just how little they had and yet they managed somehow to have all the things they absolutely needed in order to survive.
I know that in the world of today, their meager incomes would not even begin to make ends meet for groceries let alone utilities and other necessities in life.
It is because of the struggles my grandparent’s faced that I have devoted a good deal of time and effort into making sure that we do not go through those same challenges and struggles upon retirement.
We have taken steps today to insure that we will have income throughout our retirement as well as a few carefully crafted investments to pull us through. I do not believe that I have all the answers and for this reason we have relied heavily upon the advice of our financial planner.
He has helped us discover avenues for investing money and methods of doing so that have been nothing short of amazing for us as we watch our holdings grow year after year in preparation for retirement.
If you haven’t taken the time to find a financial advisor for your investments there is no time like the present to do so. Even if you are nearing that magical number you might be amazed at the guidance and advice that can be offered by a competent financial planner to maximize your short and long-term investment and retirement planning needs. I believe you will be amazed at the financial miracles a good financial planner can work with even the most modest of investments with which to work.
You should also make sure that you take care of as many of the recurring bills as possible before you retire. It helps greatly if you have your home paid off and do not have the worry of a monthly mortgage payment. Another thing that is good to keep in mind is that you will want to downsize rather than upsize at retirement. Eliminate the second car and ride together when possible (this also eliminates an insurance payment as well).
If you are planning to move to a particular area of the country for your retirement you may want to begin now, as early as possible, seeking property in that area at a much lower price than you will pay ten to twenty years down the road when you actually get around to retiring.
This will increase the likelihood that you either have your retirement home paid for or are very close to having it paid for. Another thing to remember is that you will want to get a smaller home for your retirement rather than a larger home that you will need to care for. This means you can eliminate some of the utility costs, which may prove substantial.
The most important thing to remember when planning for retirement is that it is your retirement for which you are planning. Make sure you set aside funds to make your retirement worth retiring for. Don’t merely exist throughout your retirement because you can’t afford to live, take the steps now to insure that this is not going to be a problem for your retirement years.