Redefining Retirement/2

July 8, 2009 at 9:07 pm Leave a comment

BW Rethink RetireAre you a Boomer reconsidering your retirement plans based on the current economic downturn? The latest issue of Business Week (July 13 & 20) is devoted to “Rethinking Retirement.”

In order to read the entire content of the special report (24 pages), you’ll either need to subscribe to the magazine, borrow a copy of the issue from the Library or read it there, access individual articles through our Library’s full-text database (EBSCOhost), or buy it off a newsstand. However, for a preview of some of the content, you can watch the “Top Business Video” that appears on Business Week’s home page.

Executive Editor John A. Byrne provides an introduction to the retirement topic in a conversation with Suzanne Woolley, Personal Finance Editor. Ms.Woolley is fairly optimisitic and says people don’t have to make drastic changes in the way they spend and save money, but they need to educate themselves about the best low risk strategies to get back on track. She uses the term “life cycle consumption smoothing” in which individuals seek to “smooth” consumption over an entire lifetime so as to maximize the useful value of money that is available. This means that individuals don’t excessively deprive themselves when they are young to benefit old age, nor do they waste money when they are young to the point that they are poor in old age. If people design spending, savings, and investing plans properly using the consumption smoothing concept, they do not experience a sudden change in lifestyle when they retire.

A second video features an interview with Lynne Ford, Head of Retail Retirement with Wells Fargo, and covers the pressures being felt by the sandwich generation, those Boomers caught between caring for both their aging parents and their college bound children.

In the hard copy issue, there are also articles covering tips for stretched Boomers, remedies for ravaged portfolios, a profile on a new retirement destination, Panama, and more.

For more information on retirement, you can click on other LINK Logs postings tagged “retirement” or borrow one of the many excellent books the Library has added to its collection through the LINK project.

Do you have any questions or concerns about rethinking retirement that you’d like to share with us? Please leave a comment or question below.

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ReFiring and Refining Retirement Mayor Klusman – “Forgotten Man”

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