Reinvent To Retire - Retirement Isn't What It Used To Be

In recent decades retirement has been triggered by age, influenced by eligibility for social security benefits and employment retirement programs. Today retirement looks different, as the economy, good health and life expectancies have changed the retirement experience. In 2010, Business Insider reported that over 70 percent of those eligible for retirement can't afford to retire and therefore stay in the workforce.

Happily, a significant number of retirement age workers are also putting off retirement because they like to work, are healthy enough to work, and feel like work plays such a significant part of their lives that they don't want to give it up yet. Since people live longer on average than they did a few decades ago, working longer can be very beneficial to boomers and society at large.

When considering retirement it is important to reflect on what changes need to occur to move from where you are now to where you like to be in 10 years. Will keeping your current job get you where you want to be? Will starting a business help you succeed? What do you need to do to get to where you want to be and reach all your goals, personally and financially?

Many boomers have a lot of fears about retirement. Determine what your fears are. Common fears are:

Not Enough Money -- The stock market has played havoc on many boomers' retirement nest eggs. Cutbacks on savings plans at work, as well as having to contribute more to healthcare costs, less pay raises and even pay cuts have created fears about having enough money to retire. We can't even rely on social security anymore, or so the news leads us to believe. Fear of not enough money can cause problems with your life today, as well as create a lot of fear based choices that might not be the best for you or your family.

-The plan: Pay off debt before retirement. Zero debt working on a cash basis should be your goal for retirement days.

Boredom -- Many boomers worry about being bored in retirement. This is especially true for those who feel they don't have enough money to travel and do fun leisurely things after retirement as they had planned to do. Just sitting around the house and puttering doesn't do much for the busy boomer looking toward retirement.

-The plan: Make a list of all the things you'd want to do if you didn't have to punch a clock. Some people call it their "bucket list", make one!

Feeling useless -- It's scary to feel useless and boomers are more cognizant of their value to society. It is the boomers who did most of the work to make this country what it is. From safety at work, to civil rights, to women's rights, and more the boomers have been front and center on all political fronts. They're not a generation of people who can abide feeling useless.

-The plan: What can you do to avoid feelings of being useless? Volunteer someplace, start a business, help raise grandchildren? Make a plan that will keep you from these feelings.

Health Issues -- The high cost of healthcare is a huge deterrent to retirement choices. You may have Medicare, and supplements, but it's still going to be a struggle without a plan if you have any health issues that require extra services. If your income is too low to afford supplementation, that is another issue that can scare boomers from wanting to retire.

-The plan: Take care of your health now. Eat right, exercise, get regular checkups, avoid long term medications if you can. Only you can do this, no doctor or medical professional can help you be healthy, the power is in your own hands.

The thing is, all these fears while fact based are very individual when you start thinking about them realistically. If you're within 10 years of collecting social security nothing is likely to change. You can wipe that fear off your list. Same with Medicare, and other entitlements. They'll be there for you, perhaps changed a bit but politicians aren't going to really displace the most active voting population by destroying these safety nets.

In addition, you will never be useless, and most people who do retire report to not being bored either. In fact many retirees wonder how they had time to do all the stuff they used to do because their days are full. Of course, you are the one who must create a full schedule for yourself, nor not, depending on your needs, wants, and desires. You can do so much in retirement from starting a new business, to moving to a new country, to a complete reinvention. Only your imagination can limit you from the life of your dreams.