Everything I read suggests the Boomer generation has been the first to truly change the notion of retirement. I've witnessed this personally -- - every Boomer I know (including myself) views retirement as an opportunity to reinvent, rewire, or refresh their lives.

The biggest question Boomers face is not whether to continue to be vital and active, but rather what to do next. There are many books available that can help point you in the right direction, including John D. Anderson's Replace Retirement. Writing for NextAvenue.org, Anderson  says "Your second half of life can be invigorated and energized by living out one or more of three opportunities. You can do all three at once, but will benefit most by focusing your energy on one, and enjoying the other two as additional fuel." He identifies these three key "drivers" to success in the second half of life:

1. Pursue Professional Mastery
2. Revive a Dream
3. Improve Your Word

Check out what Anderson has to say about each of these drivers in his article.

I think Anderson has accurately identified the areas that are likely to be of greatest importance to most Boomers as they consider what to do next. There is much to be said for maintaining flexibility and, if finances and time permit, pursuing more than one avenue in life's second half. Anderson's suggestion that Boomers concentrate on one area but include the others as secondary interests makes sense for those who want to enrich their lives. This concept has worked well for me: I maintain a part-time professional career, but also pursue personal passions and volunteer activities.

If you can make it work, retirement your way -- the way you want to structure it -- should be the best way to live out the rest of your years.

HappilyRewired.com is a Top 75 Baby Boomer Blog.

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Check out the forthcoming book featuring 156 best and worst brands of the 50s and 60s!

As Boomers age, they become less employable (not their fault) and more financially vulnerable (sometimes their fault). The concerning thing is the statistical evidence that these two factors converge to create a crisis for a good number of retiring Boomers.

Here are some sobering statistics that raise red flags, as reported by NextAvenue.org:

• 36 percent of workers and current retirees have $1,000 or less in savings.
• 47 percent of current retirees were forced into early retirement. 55 percent of them had to leave work because of health problems or disabilities. Only 20 percent were forced into retirement due to changes at their companies.
• The number of workers older than 55 will grow to 25 percent of the workforce by 2022. However, many of the lower paying service sector jobs, such as grocery clerks, waiters/waitresses and substitute teachers, will be held by the post-retirement age worker instead of younger workers.
• An incredible 80 percent of American workers cannot afford to retire at all.

A legitimate question is: How do you avoid becoming a statistic?

There are several things to monitor as you age, including your health, your financial situation, your living situation, and your life responsibilities (such as potentially caring for your elderly parents or financially assisting your adult children). Caring for yourself comes first -- and that means checking your own health statistics periodically (weight, blood pressure, etc.), and being vigilant about diet and exercise. On the financial side, you should be living within your means and working with a financial advisor to ensure you are following the best strategy when it comes to investing, saving and drawing upon retirement assets. The last thing you want to do is outlive your money.

Statistics regarding retirement in America are indeed concerning. You need to pursue a smart course of action so you do not  become a statistic.

HappilyRewired.com is a Top 75 Baby Boomer Blog.

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Check out the forthcoming book featuring 156 best and worst brands of the 50s and 60s!

For those retiring Boomers who can put together a number of sources of income to pay the bills, working "on the side" may be an attractive option. It offers flexibility to do other things in retirement.

This creative way of thinking about part-time employment focuses on generating what I call "gravy income" -- income that is not absolutely essential but subsidizes other income. It's even better if working on the side offers the opportunity to pursue gigs, freelancing or contract work (whatever you want to call it) using skills from your past full-time working life. This can be both gratifying and stimulating. 

If that sounds like something for you, take a look at "The Retiree's Guide to Starting a Side Hustle," published by The Balance. Writer Sarah Szczypinski first discusses the steps to "side hustling," including how to coordinate it with Social Security, create an online presence and use your skills. She then provides descriptions of and links to various professional websites that act as entry points to potential work, some of which can be done entirely online. Opportunities include paid mentoring, consulting and all types of contract work. An additional consideration, she says, is to rent out a room or a second home with a service such as Airbnb which can substantially bolster a retiree's income.

Szczypinski writes, "The gig economy isn’t going away, and there’s a sea of opportunity (and income!) available for those who search. Take advantage of flexibility in retirement and dive in. A side hustle can lessen the financial burdens of aging."

Working only when you want on a flexible schedule and generating gravy income sounds like a pretty good post-full-time employment life, doesn't it?

HappilyRewired.com is a Top 75 Baby Boomer Blog.

Image: Pixabay.com

Check out the forthcoming book featuring 156 best and worst brands of the 50s and 60s!