As with so many other aspects of the way we live today, Baby Boomers are changing the very nature of how we look at retirement. A recent AARP survey found that four out of five boomers (80 percent) envision working in some form during their retirement years. Only 20 percent plan on stopping work to fully retire.
The English language is changing to accommodate this new reality, finding terms to describe the types of retirement Baby Boomers are pursuing. Financial planner Carol Perry, with AWA Wealth Management in Nevada, came up with these descriptions for the way Baby Boomers work past the traditional retirement from full-time careers. Do you think any of these will catch on?
Boomerang entrepreneur: Someone who retires from their career job to start up that business they've always dreamed of owning. This is similar to calling adult children who return to live at home with their parents after college "boomerang" children.
Jhobbie: When a Boomer turns what started out as a hobby into a paying career, whether it is simply supplemental income or a full-time business. This is the ideal “do what you love and the money will follow” situation.
Playcheck: This is the money a Boomer earns taking on a part-time job or temporary work to generate the extra income needed for luxury items like travel, expensive hobbies, a boat, or household upgrades.
Phased retirement: As the Baby Boomers are expected to leave the job market in huge waves, their skills and hard-won expertise will disappear with them. As employers confront this shortage of skills, many Baby Boomers will be enticed to stay in the workforce through flexible or part-time schedules and customized job assignments, project or consulting work. The pot could be sweetened by benefits, especially ongoing healthcare benefits.
Do you current fit in any of these categories, or do you plan to pursue these new forms of retirement? Tell us in the Comments section.
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