Age is just a number

Posted: March 24, 2010

Throughout the last sixty years the baby boomer generation has redefined society. In the 1950s when they were babies Dr Spock guided their parents. In the 1960s they redefined popular music and in the 1970s did the same with the entertainment industry. They started the fitness craze in the 1980s and revolutionised travel and holidays in the 1990s. Now as they near retirement, money and investments are changing to suit their needs.

The baby boomers continue to change society. Social researcher Mark McCrindle has analysed the baby boomers and one of the fastest growing segments is the downager. He describes them as independent, social and not wanting to be restricted. They are likely to be still working not necessarily because they need the money but because they are challenged and enthused by it. They see work as helping them remain youthful and fit.

Take Barbara for instance. She was divorced many years ago and had a successful career in a bank. With her children away and living independently she felt her life was going nowhere at age 60. Work was no longer challenging but she didn't feel ready to retire. She felt she had more to offer the world and decided to start a business helping single mothers develop micro-businesses from home. It has opened up her social circle and she has met a lot of talented and exciting young people. She says that life feels fun and exciting again.

Mike has a similar story. He was a lecturer at TAFE but a reorganisation meant his job disappeared. His boss told him how lucky he was to have a redundancy payout at age 63 and be able to put his feet up. Mike was stunned because he had never thought of himself as being ready to retire. He is a qualified ship's master and started sailing a tall ship with teenage crews. He loves being involved with young people because he says it keeps him young. Now he has secured a part-time lecturing job with a maritime safety consultancy so he's as busy as ever.

Barbara and Mike have accumulated money for retirement but rather than retiring in the traditional sense, they are making choices about their lifestyle. They both have ignored the number of years they have been alive and are living life to the full. One reason that they feel young is because they are involved every day with younger people.

*A dowager is a woman who has inherited a title or property from her deceased husband: a rich-looking or respectable woman of advanced years.