What's Working in Retirement?

Opiela, Nancy
May 2002
Journal of Financial Planning;May2002, Vol. 15 Issue 5, p52
Academic Journal
This article focuses on the role of financial planners in baby boomers who are working or planning to work, in retirement. A study by the Phoenix, Arizona-based Del Webb, the nation's leading developer of active adult communities, has some answers about what retirees miss about working. Forty-three percent said that what they missed most about work was friends and colleagues. In addition to needing social and intellectual stimulation, the Del Webb study also suggests a rationale for why baby boomers will not retire and stay retired. The answer can be found in the circumstances under which many baby-boomer employees left their main career. Interestingly, only one-fourth of those whom Del Webb surveyed planned to retire when they did. Many early retirees either were forced out of their companies or elected to take early retirement. Only six percent said they retired because they were burned out. With so many choices available to clients as they retire, planners may be increasingly called on to act as tour guides through the maze of retirement possibilities. William Howard, chief financial planner of William Howard & Company in Memphis, Tennessee, asks his clients to practice retirement. He wants his clients to practice adhering to what it is they planned on spending in retirement. Equally important, they have to consider what they are going to do with their time. So, in the years before retirement, when they take a vacation, he asks clients to spend some time thinking about what they will do in retirement.


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