06/14/11 The Roaring Twenties/ Chapter 1: Boomers Redefine Retirement

I'll weigh in from time to time on reasons why my generation is headed for another period of economic prosperity.

(a) The first thought that comes to mind is the economic power of the 'Me Generation.' Despite portfolio/real estate setbacks in the past few years, most of us have managed to assemble a formidable net worth.

(b) Intellectual firepower. Those of us educated in the sixties and seventies were taught by the best and the brightest. We may also be the last generation able to recall the pleasures of entire days spent reading, writing and reflecting. I'd have to actively reshape my environment today if I want to recreate the years I spent in libraries, quiet rooms/nooks, and classrooms with like-minded peers.

(c) Life expectancy. My folks are in their early eighties. They recently sold their home and moved into a 'continuous care' facility- one that more resembles a 4-star hotel than a 'retirement community.' Most of the residents are quite active, with Beemers and sports cars parked in the underground garage. What about us? Healthcare advances (both prevention and cure) have been tremendous, and expectations have changed. I think we live well into our late nineties at least.

Combine all of the above, and I think most of us work (some of us might define it as create, teach or 'give back' to our communities) 10-15-20 years beyond the traditional retirement age. That would in and of itself ensure the solvency of our social safety nets. More importantly, the psyche of the Me Generation (were we not taught during the Kennedy years that anything is possible) almost requires that we continuously redefine our later years as our greatest.