We’ve all heard the story, right? In a decade or so, shockwaves will hit the U.S. workforce when wave after wave of baby boomers reach retirement age. They’ll all punch the clock, pack their bags and head to the beach, leaving the rest of us with monumental problems to solve, from a talent gap in the workforce to Social Security shortfalls to questions of how to help the vast number of boomers who failed to plan ahead for retirement.
It’ll be quite a headache, won’t it?
Or will it?
Sure, those problems will exist. But there’s another school of thought out there that says attitudes about retirement are changing. If you enjoy your work and continue to excel at it, the theory goes, then why stop?
Why, indeed? Mitch Anthony calls it “the new retirementality,” and in this Statement article he debunks six of the most popular retirement myths. More important, he says CPAs who do financial planning need to redefine their roles to meet the changing needs of their retirement-age clients.
“Financial professionals,” he says, “need to abandon old assumptions and afford every client the opportunity to define the retirement lifestyle they desire.”
Boomers are doing just that with much greater frequency, according to this CNN article. “As companies pare away pension plans and the future of Social Security seems increasingly precarious, more and more baby boomers are choosing to work beyond the age of traditional retirement,” writes author Taylor Gandossy. “But others … see a prolonged career as a way to explore new interests or test untried talents.”
Are you seeing evidence of this trend among your clients? How has your practice evolved as a result?
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