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What Boomers Want

What Boomers Want thenewold.jpg
Navigating the challenges of midlife in 2009. and beyond By Debbie Gardner PRIME Editor As we enter 2009 what do baby boomers those 78 million Americans the census bureau tells us were born in that unprecedented era of good times between 1942 and 1964 want now? That's the question we at PRIME asked ourselves, our readers and colleagues back in early November as we started planning for this January issue. And it's a timely question to ask, given the state of the world as we enter 2009. Since mid-2008 boomers (and their Elders) have found themselves coping with the most protracted economic downturn since the Great Depression, anticipating the inauguration of the first Black President, facing the prospect of planetwide climate changes precipitated by global warming and watching helplessly as Russia rattles its sabers in an eerie echo of the Cold War threats of their childhood. Of course, all of this is happening while the Peace and Love generation is also coming to grips with their own aging and mortality. So, what do Boomers want as we enter 2009? Here's some of the answers we received: They want to know that, someday, they're going to be able to retire . "My dad retired at 62, my grandparents at 65. In years past 62 to 65 was retirement age . now it looks like 68 to 70 for our generation. Basically, we're going to have to work longer." Sue, 51 They want to know they will be able to pay for that retirement, whenever it actually happens . "We were OK . looking to retire at 65 until the latest downturn. Now our 401Ks aren't looking too good . I know people close to our age who want to retire, but can't figure out how to pay for their health care." Peggy, 50+, speaking for herself and her husband They're not sure they really want to "retire" in the traditional sense . "I'd like to continue to work as a consultant or perhaps work part-time . I don't think I want to give up working completely, but I would like some more freedom." Peggy, 50+ And because they plan or, given the state of the world now, need to stay a part of the working world longer than past generations, boomers say they want a continued sense of purpose for their lives . "I think everybody my age wants to know that what they do matters, be it for their family, for their customers, their business, or for their relationships. We don't want to feel we are being overlooked." John, 53 They also want to know they can continue to be self-reliant, even when they aren't working anymore. "We want to know that my husband and I will be able to support ourselves in our retirement. We don't want to have to rely on our kids in our old age." Sue,51 But most importantly, the generation that coined the phrase "don't trust anyone over 30" seemingly doesn't want to be considered "seniors ever" "I'm the one who throws out the AARP invitations and the word 'senior' is not applicable. Age is just a state of mind. I pal around with my 86-year-old mother-in law she wouldn't be caught dead in a 'senior center!' " Tina, 55 Facing a new reality Perhaps it's good that boomers aren't planning for and in many cases don't want the quit-working-and-move-to-Florida-and-golf kind of retirement their parents had. Because . it probably isn't going to exist. According to a recent report titled, "Boomers: the Next 20 Years Ecologies of Risk" released by the Institute for the Future in collaboration of MetLife's Mature Market Institute, boomers will most likely be coping with and aging in a very different world when they finally start slowing down. A world not only impacted by today's growing economic meltdown, but one in which continued globalization, the impact of climate change and the prospect of increased longevity will coalesce into challenges their parents never even imagined. "Fortunately," the report states "boomers have amassed personal, social, experimental, economic and even spiritual assets that they can call on as they age." "They will use these assets," the report continues, "to craft distinctive ecologies of resources to respond to highly individual ecologies of risk." What exactly is an ecology of risk? According to Merriam Webster, the second definition of the word "ecology" refers to human ecology "the study of the interaction of human beings and their environment." The "Boomers: the Next 20 Years" report identifies five societal trends, or ecologies of risk, that they feel will impact the lives of boomers over the next two decades. These trends, or "risks" include: 1. longer lifespans and the impact of this on lifestyle,financial planning and ultimately, inheritance. 2. the health threats posed by climate changes as well as more competition for health services both here and abroad. 3. the spectre of dementia and the growing importance of working to keep "cognitively fit." 4. the need to keep track of, and occasionally "wash" your "online face" as more data is amassed and distributed about individuals. 5. a rethinking of workplace roles as boomers remain at jobs beyond "traditional" retirement ages. No wonder advertising guru and author David Cravit titled his latest book about boomers and the marketplace "The New Old" the future today's 44 to 62-year old boomers are facing is far different than the fairly predictable and comfortable retirement many have seen their parents experience during the boom time of the 1980s and '90s. And, he predicts that this demographic isn't going to take these challenges lying down. As they have approached every other challenge in their lives, Cravit says boomers will simply take on the uncertainties ahead, and make them their own. The Institute for the Future agrees, citing how boomers are already reinventing the notion of family through late-life adoptions and multiple remarriages, long-term care by turning to friends as well as family for help, work by re-educating themselves to keep up with the new technologies and methods of doing their jobs, and retirement by going back to school for new degrees or launching startup companies at ages when when many of their parents began visiting senior centers. "What boomers are doing is, quite simply, destroying our entire concept of aging," Cravit said in his book. What exactly, does that mean? It means that there's a little bit of Madonna the 50-year-old queen of reinvention in every boomer. After all, weren't they the hippies of the 1960s who morphed into the power brokers of the 1980s? "Boomers are, in effect, de-aging," by acting contrary to the stereotypes of aging that we hold as a culture, he states in the first chapter. Why are boomers "de-aging?" According to Cravit, a perfect storm of scientific, cultural and attitudinal forces have come together to give this landmark generation advantages not available to their parents and grandparents. For example, Cravit points out that the sheer size of the boomer population lets them control the consumer market. Couple that with advances that have extended the boomer generation's potential lifespan, their collective attitude that resists growing old, a blurring of traditional generational divisions in fashion, music and popular culture and the presence of original women's movement members who refuse to become "little old ladies" and its easy to see why the concept of "aging" is taking on a new face with this generation. In addition boomers have, according to statistics, one of the lowest savings rates in history. This group's documented financial need to often support their adult children and aging parents while trying to save for their own retirement, coupled with a shortage of younger workers coming up to replace them, makes it easy to see why working longer is both a choice and a necessity for this generation. And all that came into play before the current economic downturn gutted what retirement savings boomers had managed to sock away. "Not one of them on its own . would be strong enough to drive a process as big, and as lasting, as the one I'm describing," Cravit states in "The New Old." "But put them all together and the effect is irresistible. BoomerAging is happening because all of these forces are operating at the same time, in more or less the same place." And "de-aging" isn't just a boomer trait My nearly 80-year-old mother just joined a gym and goes three times a week. She keeps up with the latest health trends and skincare advances, updates her wardrobe seasonally and absolutely loves playing Wii games with her grandson. Oh, and she's only visited the local senior center twice, both times to attend a program about new businesses coming to town. Based on her lifestyle, Cravit would say she's de-aging, too. In fact, he points out in "The New Old" that segments of today's seniors have also discarded what he describes as "oldness" in favor of de-aging in much the same way boomers have. "The influence can be seen in some areas such as fashion, health and beauty, leisure, housing right up to the 70-and even 80-year-old brackets," he states in chapter two. Don't ever, he points out, call this group of citizens "seniors." They won't thank you for it. The de-aging concept on steroids Dr. David Demko, Ph. D., a gerontologist and professor at Miami Dade College, has taken Cravit's concept of de-aging one step further. Based upon his observations, Demko has identified two distinct styles of de-aging among midlife Americans. He calls these styles boomers and zoomers. Yes, Demko points out, both have adopted anti-aging lifestyles. But, he said, boomers seem to employ a reactionary or knee-jerk approach to the hallmarks of aging, while the Zoomers seem to embrace the prospect of aging proactively. Boomers, Demko points out in his research, seek to avoid certain stigmas of aging, while Zoomers seek to create strategies to prevent the initial "aging" events from happening. And Demko said the current economic conditions are ripe to create this change from a boomer to zoomer attitude: "Uncertainty of any kind (including economic downturn) encourages a turn toward conservatism in life.," Demko told PRIME in a recent e-mail. "Look for economically strapped boomers to return to traditional lifestyles of the past. Expect a return to: in-home entertainment; home-cooked meals; more face-time with spouse and kids and neighborhood walks instead of trips to the health club. These trends will actually encourage a healthier lifestyle . as boomers create home-based entertainment alternatives to expensive outings [such as] live concerts, movie theaters and sporting events." "In other words," Demko continued.. "These 'back to basic' trends will further set the stage for boomers to gravitate to a ZOOMER lifestyle!" To discover what type of de-ager you are now, and how you can adopt a more proactive approach to aging, pick up the February issue of PRIME.