Newfound Freedom

In every respect, aging Baby Boomers have been reshaping the meaning of "retirement." People today view it as a time to enjoy newfound freedom, make new choices and dream new dreams. They approach it with more education and greater economic resources, as well as more diverse attitudes, and experiences.

David Demko, editor in chief of the Age Venture News Service, puts it more succinctly: "Forget retirement. There is no such thing." He suggests people retire from their jobs but not from life. He encourages them to find out what excites them and to pursue it passionately. The American Association of Retired Persons (AARP) says, "pre-retirees and younger retirees view retirement as more of a lifestyle transition than a termination of employment. They expect to be active, engaged, and working either full or part-time."

So, your retirement may be quite different than the one your father had, or the one your mother experienced. You may continue working, start a new job, establish a business, or find the right balance between work and play. Or, you may choose a more conventional path by retiring to the golf course, or by taking care of your grandchildren a few days a week. The choices are many.

We ask people to imagine themselves further down the road, as if they had already retired many years ago: "Geez, did I end up doing what I wanted to do?" By doing this exercise, people look more closely at the significance of this increasingly important stretch of time.

So, what's on your wish list?

Will you continue to work?
Travel cross-country in an RV?
Volunteer for a favorite charity?
Build your dream home?
Move to a sunny spot and play golf every waking hour?
Go back to school?

Perhaps you'd like to pack up and head to a big city to soak up the culture you've craved for years. You may want to stay right where you are to be close to your family and your close friends. All these options and more are available to you-if you plan properly. Many retirees are saying "we can't image how we ever found the time to work, there's so much we love to do."

The time to plan is now

You may think your greatest asset is money, real estate, or your stock portfolio. Yet, when it comes to retirement your greatest asset is time: the weeks, months, and years between today and the day you retire.

Whether you begin at 40, 55, or somewhere in between, the more time you have, the better. It's time that lets you shape and reshape your plan until it's just right. Time opens new vistas and sheds light on exciting savings and investment opportunities. Time enables you to enjoy the process of thinking about your future and carefully planning your retirement. Additionally, Time enables money to grow.

No less a genius than Albert Einstein admitted his amazement at this concept. When asked to name the most remarkable principle of the universe, he answered compound interest!