New Rules of Retirement
What Your Financial Advisor Isn't Telling You
By Warren MacKenzie and Ken Hawkins
The first of the baby boomers are starting to retire. The impact is barely felt or noticed. However that will start to change as society ages and the small trickle of retirees turns into a raging tidal wave or the “silver tsunami” as many commentators are calling it.
The large numbers of future seniors will result in new services, options and lifestyle choices as governments and corporations try to meet their needs. There will also be new challenges as social and medical services and government entitlement programs become strained. As life expectancy and self reliance increase, so does the danger of running out of money before we run out of breath.
The collapse of the stock markets in 2008 was a life changing event for many on the cusp of retirement or recently retired. Many plans had to be postponed or changed and important decisions about lifestyle and investments had to be made.
As Bob Dylan would say, “The Times They Are A-Changin’’, many of the old rules surrounding your parents retirement will not work for the “new” retirement. The baby boomer’s retirement will require fresh insight: you will need a new set of tools and a new set of rules.
