The following text of this On-Purpose Business Minute is dedicated to Baby Boomers, but the video is applicable to anyone in, entering, or exiting the workforce.
Think of a Baby Boomer you know—he or she may be your parents or you.
Three big trends are converging to create an economic swirl of circumstances that will define their next twenty to thirty years.
- Baby Boomers are now hitting retirement age in record numbers.
- The world economy is unstable and so are many retirement and pension plans.
- Baby Boomers are retiring from jobs, but not from life, or the desire (need!) to keep earning.
Many Boomers will find themselves with
- an empty nest
- plenty of time on their hands
- a desire to make a difference
- a smaller retirement nest egg or pension than anticipated
Rather than heading for assisted living, they’ll be doing a “working retirement”—some by choice and others by necessity.
So what’s your plan for retirement?
Many of your friends may be saying, “I want to retire to Florida or Arizona to play golf, eat out, see movies, read books, relax, and visit my grandchildren.” Some of you may be thinking, “I’m interested in beginning my own business.” I hope so!
Perry James is a character appearing in both The On-Purpose Person and The On-Purpose Business Person. He’s a retired gentleman who provides mentoring and consulting services to a variety of small- and medium-sized business owners.
Perry is based on a dear friend and mentor of mine—Perry Nies, an MIT graduate with a Harvard Business School MBA, and retired business executive and owner. When I was in my early thirties Perry engineered me through some true business challenges. To this day we remain friends and are connected through church. At over 90 years of age Perry is an engaged and vital contributor who still consults and is involved in ministries. He’s also a role model for many Boomers of how to have an On-Purpose retirement.
The Baby Boom began in 1945. Today, the wave of Baby Boomers is being presented with a remarkable opportunity to dream and plan their “retirement.” Many will become “retired professionally” but seek to keep an active hand and mind in the affairs of business and life. I know for a fact that the Millennial and Gen X Generations need their wisdom, experience, and skills. I’m at the tail end of the Baby Boom and I value their counsel.
What if the most on-purpose years of your career are just around the corner … and you never make the turn because you hadn’t planned on it?
This blog post is simply my way of putting the challenge before the retiring Baby Boomers—keep Booming (and blooming).
- Plan new businesses
- Outline books you’ve always wanted to write
- Offer your talent
- Be a mentor
- Stay connected
- Think ahead
- Develop your business plan now not later
Once they’re out of the flow of activity, most never return because they’ve fallen behind and the effort to get back up to speed is overwhelming.
Avoid getting caught short at retirement without a life and work plan. Without one, you’re likely to become a Baby Buster instead of a Baby Boomer.
To Do: Begin writing what your future could be. Download the Discovery Guide to help you get started.