Maybe youre thinking its time to review your investment strategy and make the most of the money you have today. Maybe youve already built a financially successful retirement egg and want to protect what youve built. Or maybe you need to bulk up your earnings to ensure your familys future.
Welcome to money for grown-ups. Where do you turn for credible information?
Dedicated to helping you protect your assets, stretch your dollars, and bolster your longterm security, AARP can offer you powerful solutions. Whatever your strategy for managing money, weve got suggestions that will help from saving money on that next big purchase to planning your charitable giving. If youre taking your job to the next level or building up a second career, weve got strategies that will help you make your mark.
You may think your money or your financial advisor should be working harder for you. You may be watching market trends and seeing new opportunities. And, of course, you want to protect yourself and your loved ones from scams and data breaches. We can give you the support you need.
And turn to us for fun, too. (Is it time for that car, that trip, that weekend home youve always wanted?) Because that, too, is what this time of your life is about.
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Table of Contents
This book is dedicated to my mother,
Bettie Anthony Huntley,
who has never been afraid to
blaze her own trails and follow her dreams.
A generous portion of her spirit
guides my life as well.
Preface
When I wrote the first edifion of The New Retirementality in 2000, we lived in a different world than we live in today. Not only have many realities changed, but our level of awareness on many money/life issues has evolved as well. In 2000, my thoughts and theories about the anachronistic nature of traditional retirement were quite novel, yet they seemed to strike a chord of recognition and resonance with many people. These were people who either had retired to personally experience what I was describing or had made firsthand observations about the mirage of leisure/life retirement.
My goal in writing the book was to get the attention of the baby boomer crowd, who were nearing 55 years of age at the time and needed to reexamine the traditional retirement proposition carefully. It seems that I was a little early to the dance. Boomers were embracing the ideas but were delaying their personal preparations. Now that the front-edge boomers are entering their 60s and retirement is pounding on the door, many are ready to tackle the question, What do I want to do with my life? This is what The New Retirementality is all about.
What was viewed as avant garde thinking eight years ago has become almost universally accepted today. Such is the case with some of the myths surrounding retirement:
Age 65 is no longer the marker for old.
Retirement no longer means not working.
A life of total ease is one step from a life of disease.
You do not have to wait until you are 62 (or even 52) to live the life you want.
These traditional assumptions have begun to topple, and a new awareness has emerged that is impacting every aspect of our society. We have all seen, heard, and read enough to recognize that these ideals are applicable to us today; the evidence surrounds us. Studies have been conducted to prove that these issues are real and that there are huge implications in store for our society, our businesses, our careers, and, most important, our personal well-being. In the past several years, many books have examined the sociological and demographic story as well as a few others that have addressed the spiritual and philosophical underpinnings of this irreversible paradigm shift in our world.
The World Is Beginning to Listen
Since this book was first written much has happened in our world to accelerate some of the changes called for in the original New Retirementality. I wrote about being more reflective about our working lives and life in general; the world events that ushered in this millennium caused us all to make such an examination. I wrote about the need for a more realistic approach toward retirement funding and how the market events and corporate scandals that followed led us all down that path. I wrote about the need to find work that fulfills us because we may be working longer than we originally planned, and the ensuing pension crises only confirmed what we suspected about most corporationsthey arent really looking after us first.
There have been some amazing inroads made as a result of this message as well. Since the books original release, I have had the opportunity to help many major financial service companies begin anew in how they help their clients prepare for the period of life known as retirement. They began to realize that their old, outdated models were no longer resonating with the public and that, as important as the numbers are, they are only there to serve the life that produced them. Possibly, you have seen a few of the television ads that talk about the need to understand your life and dreams for retirement as a critical exercise in retirement planning.
I shared that corporations were going to have to rethink how they dealt with their most precious resourceaging, experienced baby boomersand to find new ways to keep from losing all the intellectual capital that was about to walk out the door. This trend is well under way, and the last few years have seen many companies realize that they need to demonstrate more flexibility in both how they let people work and how long they keep them around. We are seeing progress in this arena but need to see much more. This trend is too powerful to reverse, and millions more of us know that we have plenty to give, but we will be offering it on our terms, not theirs.
Financial Life Planning was a novel concept when we first introduced it in 2000 but today both individuals and companies that exist to serve your financial needs are coming to realize that crunching numbers alone, without considering what is happening in your life and what events are on the near horizon, is useless and shortsighted. Financial Life Planning is the future of both financial planning and retirement planning as more and more people realize that the central point in all planning should be me, my vision, and my unique situation in life. You dont have to accept an approach at an inferior level any longer as plenty of professionals are now approaching retirement and financial planning in this manner.