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Reinventing Retirement Newsletter
Table of Contents Legend
has it that when outlaw, Jesse James, was asked why he robbed banks,
he replied: That's where the money is. If you are thinking about a
career or business for the next 10 years or more, you could do worse
than follow the money, in this case, where the big money is placing
its bets.
Big
money chases big numbers: the baby boom generation in the U.S. alone is larger than the
population of France, with a well-earned big spender reputation. It's
no surprise that many companies are gearing up to attract this
estimated $2 trillion market. Cosmetics for eternal youth, of course.
Financial advice, indeed. Ameriprise Financial, part of American
Express, is one new venture targeting boomer finance. Technology to
keep them connected. Pharmaceuticals. Nutraceuticals. Exercise and
fitness clubs. All the above.
Of
course, there are some who see a dark cloud in this silver lining.
Much boomer wealth is predicated on a bonanza inheritance from their
parents. Well, maybe not. With their own parents living longer and
spending down their reserves on healthcare and assisted living, the
so-called windfall could be something of a bust.
http://www.msnbc.msn.com/id/12288549/ As
much as the boomers are under the microscope, we don't really know if
their behavior will match up their responses to research questions. A
demographic larger than an entire European country is not going to be
that easy to pin down. And that's a good thing. No one is going to
'get' what boomers are all about. But if you are willing to make an
educated guess about the goods and services that will be in high
demand, and match your own skill-set, training goals and/or
aspirations to a niche, you could be well-positioned for success.
Here
are some nuggets to ponder:
In
the next ten years, "about three out of every ten new jobs
created in the U.S. economy will be in either the healthcare and
social assistance or private educational services sectors,' according
to the Bureau of Labor Statistics.
http://www.fastcompany.com/articles/2006/01/top-jobs-main.html Healthcare
is a given as more of us live longer. Suppose you don't have a
degree in nursing or physical therapy – two categories in high
demand as the population ages? If a lower barrier to entry and autonomy are your cup of tea, here are some other
health-related possibilities. Personal trainer. Yoga, tai chi or
pilates instructor. How about investing in a fitness facility that
courts the 50-plus crowd (Marika teaches yoga at one).
http://www.msnbc.msn.com/id/9087624/.
What would you say to a foodservice business aimed at customers with
a particular dietary need?
According
to Marty Nemko, co-author of Cool Careers for Dummies,
audiology is one of those 'under the radar' careers that could
explode. Think of all those rock concerts! Oh, my aching ear drums.
Audiology is #1 in Business Week's top careers for 2006:
http://www.usnews.com/usnews/biztech/articles/060105/5careers_excellent.htm Jobs
will also be available in the healthcare management field, a good
match for people with maturity, patience and great interpersonal
skills. See:
http://www.careerjournal.com/reports/bestcareers/20060711-vora.html (See,
it isn't all about flipping burgers or greeting customers, not that
there's anything wrong with either.) Financial
advice/planning is in Fast Company's Top 25 and ranks #3 in Money
Magazine's Best Jobs in America list.
http://money.cnn.com/magazines/moneymag/bestjobs/top50/index.html. To
get a sense of how Ameriprise Financial is marketing to the boomer
population, click here and request their Dream Book.
http://www.ameriprise.com/amp/global/sitelets/dreambook/imagine.asp. You could also catch their 90-second spots Life After Work on Paula Zahn (Thursdays)
and other high profile CNN shows. Legacy
Financial Advisors, Inc., of Milford, MA, is recruiting career
changers in their 50s and 60s as financial advisers because they
relate well to the issues and challenges of their peer group.
“"Older
advisors approach clients with a sense of calm that younger,
financially pressed professional often lack. Also, unlike young
professionals who have few business contacts, second-career financial
advisors have an established network developed over a lifetime,"
says Paul J. Mauro, ceo.
Legacy
Financial Advisors, Inc., 321 Fortune Blvd., Milford, MA 01757 tel.
800-427-9781 e-mail: cportanova@lfsadvisors.com
For more: http://www.featurexpress.com/fxDetail_new.asp?relid=80447 Coaching
and mentoring are two related fields in 'private education' we
are betting on. As boomers begin to set their sights on life beyond
the 9-5, companies are going to be hard pressed to replace that
knowledge and talent shortfall. It's more serious than just warm
bodies to fill available jobs. We're talking about the risk of a company's entire culture and know-how
taking a hike. Here's a golden opportunity for coaches and mentors
to create in-house programs to retain these valued workers on terms
they appreciate. “Full-time is so 20th Century,”
says management consultant, Marsha Lindquist. Read her article aimed
to the busines community and see why the ball is in your court re:
job negotiations.
http://www.business-journal.com/BeatBoomerExodus.asp. The challenge: only three out of ten companies seem to recognize
what a pickle they are going to be in, if they do nothing to retain their most experienced people.
Howard
is heading up a panel of distinguished coaches at the International
Coach Federation conference in St. Louis, November 4. The panel is
entitled Boomers and Beyond: Unprecedented Opportunities for Coaches
and Society. It offers a new paradigm for aging, from burden on
society to an opportunity to capture experience and talents of older
people.
If
you would like to influence this and other projects on coaching the
“Boomers and Beyond” population we have in the works, here's your chance.
Take a moment to answer these questions by email in 50 words or less.
WHAT DOES COACHING MEAN TO YOU, and WOULD YOU HIRE A COACH? Send
your response to Howard@2young2retire.com
To show our appreciation, we are giving away copies of our new book,
Too Young to Retire: A Journal of Transition, to the 11th
and 32nd persons who respond to our query by the deadline,
August 19. Winners will be contacted by email.
More
resources:
Too
Young to Retire: 101 Ways to Start the Rest of Your Life (Plume
2004), especially 101 Opportunities for the Open-Minded Job
Almanac http://www.jobweb.com/Career_Development/2002_best_worst.htm The
Business Case for Workers Age 50+:
http://www.experiencedworkforce.org/research/perrin.shtml QUICK TAKES Elder Housing on College
Campuses. If the popularity
of college and high school reunions is an indication, many of us love
the idea of going back to school, for the community we once had
and/or the stimulation of learning. Massachusetts
Institute of Technology is in talks with a developer to build a
160-unit retirement community, targeted to alumni, professors and
staff, but possibly “opened to all who are interested in an
active intellectual life, centered in an urban university setting.”
http://www.metrowestdailynews.com/businessNews/view.bg?articleid=136098. Check out your alma mater and see what it might be up to. Our
thanks to Ernest Webby, Jr. Reference Librarian, Part-Time, Newton
Free Library & Wellesley Free Library, for alerting us to this
growing phenomenon. More info:
http://web.mit.edu/newsoffice/2006/urc.html Home
Work. By 2010, more than half of American wage earners will
spend more than two days a week working outside the office, reports
the Sulzer Infrastructure Services firm in London. Some 28 million
people "telework" under formal company policies--a leap
from 4 million in 1990--and millions more work informally out of the
office one or more days a week. As affordable broadband Internet
access and mobile technologies gain ground, these numbers will rise,
according to Toni Kistner, managing editor of Net.Worker, a division
of Network World magazine. "The technology has steamrolled
ahead, making it cheaper and easier to work from anywhere."
Cool Career # 122: Home Office Consultant or Feng Shui specialist? Surf and Do Good
Use http://www.goodsearch.com/
as
your search engine and you will be donating to a good cause-of your
choice-at the same time. When you initially go to the website (which
is powered by Yahoo) you will be given the opportunity to type in the
cause of your choice. If your choice does not appear on the list,
rest assured many other good organizations will. Thanks
to our friend, Marge Perry, for bringing this to our attention.
Tibetan
Five Rites
We
are always seeking new ways to improve our health, which is why we
are both dedicated yogis and walk or swim for a daily cardiovascular
boost. This week, we came across the Tibetan Five Rites, an ancient
rejuvenation technique, discovered by a British Army colonel
named Bradford who
was living in a Himalayan monastery in
the early 1900s. The
series of repetitive movements are like yoga, take 15 minutes tops,
is easy to learn, fun to do and will make you feel great. The first
one, clockwise spinning with your arms
outstretched, give us the giggles – not a bad way to start the day.
You gradually work up to 21 repetitions of each exercise. The
rites are practiced around the world and are said to prevent aging.
In 1939, Peter Kelder
published The Original Five Tibetan Rites of Rejuvenation,
which helped spread the rites in the western world. As
always, consult your doctor before you start this or any exercise
program.
http://www.lifeevents.org/5-tibetans-energy-rejuvenation-exercises.htm http://www.thefivetibetans.blogspot.com/ Don't
Worry About a Thing, Dear: Why Women Need Financial Intimacy,
Helga Hayse, Prime Life Publishing, 2006, 195
pp., $14.95 “...When
the lovely flame dies, smoke gets in your eyes.” With these lyrics
from Jerome Kern, Helga Hayse introduces a topic that should be
required reading for married women everywhere, but particularly
women of a certain age who have believed that their spouses were
better equipped to handle the money. The chapters are based on
workshops entitled “A
Wife's Guide to Financial Intimacy” Hayse has been presenting in
the San Francisco Bay area for several years. Chapters are short, to
the point, and memorable, e.g. Five
Financial Mistakes Wives Makes definitely got my attention. “Money
is an awkward subject. Death is an awkward subject,” says Hayse,
“A married woman is one-half of a legal and financial partnership.
Unfortunately, wives behave differently in marriage than partners do
in business. However, the risks are the same. My objective is to
see that women achieve the financial intimacy they deserve to make
the marriage finances transparent – and protect their financial
interests in case something happens to end their marriage through
divorce or death.” Amen. Civic
Engagement and the Baby Boomer Generation: Research,
Policy, And Practice Perspectives , eds. Drs.
Laura B. Wilson and Sharon P. Simson, Haworth Press,
Inc. 2006, 276 pp., $29.95.
Marika and Howard Stone Home | How They Do It
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