Boomers face critical career, life choices

The largest single generation in the work force, better known as the baby boomers, is finally reaching retirement age. At 77 million strong, it’s a group that will continue to have a major impact on business and society for at least another decade or two.

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The baby boomers have three important questions before them: Have they had enough? Do they have enough? Will they have enough to do? In other words, can they afford to escape the pressures of the workaday world, and if so, what do they do with the time they’ll have on their hands?

A decision about retirement has traditionally

been determined by age and financial security. But approaching

Social

Security age doesn’t mean as much as it once did with the health of 401(k)s and other investments being threatened. The current recession is both frightening and liberating depending upon one’s perspective and economic position.

The bottom line, according to the AARP, is this: The 55-plus population is planning to work longer, save more, and spend less to cope with the economy. The tenor of the times is reflected in the fact that there will be no increase in Social Security benefits for the first time in three decades.

Perhaps the most important issue is dealing with longer lives. What will baby boomers do with the possibility of living 15 or 20 years beyond normal retirement age?

In his book “Portfolio Life, the New Path to Work, Purpose and Passion,” author David Corbett offers an interesting look at coping with life changes.

“I wrote the book to reinforce the fact that retirement today is a process that must be carefully planned

to ensure an enriched future life,” he told me in a recent interview. Corbett is also the founder of New Directions, a Boston-based career transition services firm for senior- level executives, professionals and their families.

The “Portfolio Life” concept outlines the pursuit of multiple roles and passions. It’s the alignment of a person’s activities with his or her values, beliefs and personal qualities. It includes five key areas:

Vocation or profession: working full time, part time, or not at all.

Avocation:recreation, personal pursuits and goals, physical fitness.

Community:giving back. Family and friends:offering help and support.

Self-development:lifelong learning and spirituality.

According to a survey for Merrill Lynch, conducted by Harris Interactive in cooperation with Age Wave, 76 percent of boomers plan to keep working and earning in retirement by cycling between periods of work and leisure. Only 17 percent hope to never work for pay again.

“As time marches on, it’s filled with tremendous opportunities for those over 50 who want to plan for it,” Corbett noted.

Join me on my blog where the discussion on “What’s next for Baby Boomers?” will continue.

Pat Cataldo is executive director for Penn State Executive Programs at the Smeal College of Business. Write to him at pac21@psu.edu.