Watching Serena Williams play tennis in the first round of the U.S. Open on Monday night, August 29, was like watching an unstoppable force of nature. The 40-year-old Williams defeated a 27-year-old opponent, not easily but convincingly. Yet earlier in August, in Vogue magazine, Williams shocked the sports world by announcing her retirement from tennis.

Normally, when you hear the word "retirement," you think of the traditional meaning: older generations ending their work lives to move on to something else. But in the case of Serena Williams, she was making a different kind of life choice, announcing to the world that she wanted to grow her family rather than remain in the sport as arguably the best tennis player in the world. Here is the way she expressed it:

"I have never liked the word retirement. It doesn’t feel like a modern word to me. I’ve been thinking of this as a transition, but I want to be sensitive about how I use that word, which means something very specific and important to a community of people. Maybe the best word to describe what I’m up to is evolution. I’m here to tell you that I’m evolving away from tennis, toward other things that are important to me. A few years ago I quietly started Serena Ventures, a venture capital firm. Soon after that, I started a family. I want to grow that family."

I think her use of the word "evolution" as a label for what Williams is feeling is very appropriate. In fact, it strikes me that the concept of evolution just as easily applies to Boomers on the brink of "retirement." Like Williams, I have never liked the word "retirement." For several years, I have used the word "rewirement" to describe a new way of looking at retirement (after all, "rewired" is in the header of my blog).

I think the concept of rewiring is still relevant, but I also think evolving is an apt description for the collective advancement of Boomers into the next phase of our lives. The reality is that we go through phases that are not hard and fast with defined beginnings and ends; rather we evolve. Recognizing that evolutionary process may make it easier to understand and accept the phases of life that have passed and are still to come.

So thank you, Serena, for redefining retirement. You are showing the world that you can be the best you can be in your career and love what you do -- but still acknowledge that there are indeed other things in life that may be of greater importance. That's something Boomers would do well to acknowledge. Life's challenges and choices are not always easy, but we continue to evolve.

Whether or not she wins the U.S. Open, Serena Williams is teaching all of us a lesson about competing at the highest level -- in both sports and in life.

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A current controversy in Canada dramatically highlights the potentially damaging effects of ageism.

Canada TV anchor Lisa LaFlamme has been removed as the anchor of CTV National News, a program she has hosted since 2011. The 58-year old LaFlamme claimed she was "blindsided" by the decision, which is believed to be related to her grey hair. LaFlamme stopped dyeing her hair during the COVID-19 pandemic, allowing her hair to return to its natural grey color, telling viewers that it was "liberating."

It was reported by news sources that Michael Melling, a senior executive at CTV News, wanted to to know who approved the decision to "let Lisa's hair go grey." It appeared to be suspiciously coincidental that LaFlamme, who recently won Best News Anchor at the Canadian Screen Awards, was let go soon after she let her hair go grey. LaFlamme had been with the news organization for thirty-five years.

When furor erupted over the firing decision, Bell Media, the owner of CTV, said LaFlamme was terminated due to "changing viewer habits." The company did not comment on the hair color allegations, but said it regretted that the decision "may have left viewers with the wrong impression."

One company, Dove Canada, immediately responded by launching a campaign on social media. The company changed its gold logo to grey. While the campaign doesn't specifically mention LaFlamme, the timing is obvious. On Instagram, Dove said:

"Aging is beautiful. We should all be able to do it on our own terms, and without any consequences. That's why we're going grey, and donating $100,000 to Catalyst -- a Canadian nonprofit organization dedicated to helping build inclusive workplaces for all women. Join us by turning your profile picture greyscale, and tag #KeepTheGrey."

The Dove Canada campaign reinforced speculation that the firing was influenced by ageism. On Twitter, LaFlamme stated in a video, "I'm still shocked and saddened. At 58, I still thought I'd have a lot more time to tell more of the stories that impact our daily lives."

Image from Dove Canada social media campaign

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Retirees tend to live on a few income streams, typically made up of (1) Social Security monthly payments (2) RMDs (Required Minimum Distributions) from deferred income retirement accounts, such as 401(k)s, (3) pensions and other long-term investments and (4) savings accounts. Financial conditions affect all of these financial vehicles one way or the other, especially if retirement, pension or savings are invested in stocks or bonds. Last year, for example, the stock market probably rewarded most retirees with healthy gains, while so far this year, stocks haven't fared nearly as well.

Currently, there is another factor that more directly affects retirees: Inflation. As we've seen over the past several months, inflation has caused a spike in the prices we pay at the gas pump and in the grocery store. In fact, prices are broadly higher everywhere, and for those retirees living on a tight budget to begin with, that is not good news. A recent hike in Social Security benefits due to the higher cost of living didn't help so much because, at the same time, Medicare premiums went up.

So what can retirees do to ride out the financial ups and downs we're experiencing? A recent article in The New York Times by financial writer Tara Siegel Bernard cites a few sound strategies. Retirees who turn 72 must take RMDs from retirement accounts, so some of your options are limited, but you still have control over your other assets. Here are some suggestions from the article:

• Reframing: Covering your needs is more important than spending money on wants. Think about how much of your basic living needs can be covered by such regular income as Social Security and pensions and keep withdrawals for other items to a minimum.
• A Cash Bucket: Set aside cash to cover a year's worth of basic expenses not accounted for through Social Security and pension income. Use this "bucket" when necessary instead of withdrawing from investment accounts.
• Guardrails: Consider being flexible with annual withdrawals from investment accounts instead of being locked in to the same percentage or withdrawal amount. Consider taking higher amounts when financial conditions are favorable and lower amounts when they are unfavorable.
• Check up: Do periodic reality checks based on your retirement age and anticipated longevity. Look at your entire portfolio and, using the widely accepted withdrawal rate of 4 percent annually, estimate how long your money will last if you withdraw at that rate. You could also determine how higher or lower annual withdrawal rates will affect your overall picture.

Of course, none of these strategies should be applied in a vacuum. It is best to do your own evaluation in conjunction with a Certified Financial Planner, who can objectively assess your unique situation and help you determine which of these strategies, or others, will work best for you.

Read more about advice for handling retirement during a financial downturn here:
https://www.nytimes.com/2022/08/11/your-money/retiring-recession-financial-math.html?

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Guest Post by Carla Lopez

If your loved one has Alzheimer’s Disease, you know that significant changes tend to come as the disease progresses. Not only can this make it difficult to get into a normal life routine, but it can also pose problems with home safety.

However, if you take certain measures and make the necessary home adaptations, you can keep up with the changes and ensure your loved one is able to live safely and comfortably in their own home. Check out this practical guide.

Understanding the Challenges     

Before you make any plans or modifications, it’s important to understand how your loved one’s disease impacts their safety. For example, Alzheimer’s can affect their judgment, which is why it is common for people with the disease to forget how to use certain appliances and devices.

Those with Alzheimer’s are also prone to wander and get lost around their home because their sense of time and place is not what it once was. Maintaining balance and problems with hearing, vision, and depth perception are common as well.

Assessing the Situation      

Evaluate your loved one’s home to get a plan together for the modifications you should arrange to accommodate their needs. First, discern whether their current home can be modified. Is the home adaptable, or will it cost too much time and money to make the necessary changes?

If you and your loved one decide that it isn’t practical for them to remain in their home, one option is to move them into yours, especially if you both want to put off a move to memory care just yet. Ask yourself a few questions first, however, so you know this is the right setup for you. How does this situation make you feel? Do you have time to take on a caregiving role? How will this affect your family? Will it affect me financially? If you decide that it’s the right move, you will want to put the pieces in place for a smooth transition with minimal stress.

If you decide to have your loved one move in with you, you’ll already be facing quite a bit of change, so one way to simplify the process and cut down on stress is by enlisting the help of professional movers. Luckily, it doesn’t have to cost a fortune. Simply search online for “moving companies near me” and browse ratings and reviews, then request a quote in advance. This will also free up your attention so that you can focus entirely on your loved one’s well-being, rather than fretting about and struggling with each box and piece of furniture.

While hiring professional movers is a justifiable and worthwhile expense, remember that with another person living in your home and another mouth to feed, you will likely have to find creative ways to cut down on monthly expenses. That could mean canceling subscriptions you never use, dining out less or tackling a bigger payment such as refinancing your mortgage. For example, by taking advantage of lower interest rates right now, you can quickly refinance your home and see a lower mortgage payment to help free up cash that you can put toward updates.

Precautions in the Kitchen

Perhaps the most useful step you can take to maintain a safe kitchen for your loved one with Alzheimer’s is to invest in appliances that come with an automatic shut-off feature. Adding stove knob covers or removing the knobs from the stove can also prevent your loved one from harm, as can securing any prescription drugs and sharp objects.

Precautions in the Bathroom

The bathroom is a common place for accidents for people experiencing cognitive decline and impaired balance. Consider installing grab bars, a walk-in tub, and/or a shower chair so that your loved one can maintain their personal hygiene and remain out of harm’s way.

Adding Extra Lighting   

Because people with Alzheimer’s often deal with vision problems, they can become disoriented when the levels of light in a home change. You can help your loved one stay safe and comfortable in their home by installing additional lighting in hallways, stairways, entries, and other areas where the lighting fluctuates. Also, consider putting in nightlights in the bathrooms, bedrooms, and hallways.

Upkeep in the Home

Finally, try to keep your loved one’s home clean and decluttered. And regularly check the smoke and carbon monoxide detectors, and other safety devices to ensure that they are in proper working order. It’s best practice to replace the batteries at least twice a year. Furthermore, make sure you have access to fire extinguishers, and consider installing sprinklers to add an extra layer of protection.

As your loved one’s Alzheimer’s progresses, it’s essential that you make the changes necessary to their living environment. Learn about the challenges they are facing, and determine whether the best path forward is to modify their current home or move them into yours. Follow the tips above for creating a safe and comfortable home for your loved one, and keep researching other modifications and precautions that can make life easier and safer.

Carla Lopez retired a couple of years ago, but she didn’t lose her entrepreneurial spirit. She created Boomer Biz for retirees like herself who still have a desire to work and achieve. The site is a resource for people in their golden years who want to start their own business or go back to work doing what they love.

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HappilyRewired.com is a Wearever Top 20 Senior Blog and a Top 75 Baby Boomer Blog

Discover How World War II Helped Launch "Boomer Brands"