Executive boomers and the new reality of retirement

Retirement for baby boomers looks nothing like retirement for previous generations. As a retiring boomer executive, you've changed the rules. You may choose to retire from your present career, but may not be ready to swap your business attire for jeans just yet.

There are a number of reasons why more and more boomers are choosing to stay connected to the workforce.

The cost of retirement

Today's shaky economy means that baby boomers and retirement don't necessarily go together, at least for the time being. Even if you've got retirement savings, they may not be enough. However, accepting work as an executive consultant on a project-by-project basis allows you to "retire" without leaving the workforce.

Benefits:

• Flexibility and freedom plus the security provided by earning steady income.
• No need to use retirement savings while you're still ready and willing to work. Instead, save retirement funds until you need them.
• Continue to grow your retirement savings with project earnings.

Desire to stay connected to the workforce

You might be tired of the 9-to-5 grind, but you don't have to retire if you don't want to. In the "old days," most people of retirement age had a few years left to enjoy themselves, but that's not true of baby boomers and the new age of retirement.

You still have years of an active, healthy life ahead of you. That means the reality of retirement has changed – or more accurately, that you've helped shape this new reality. Your retirement is now what you want it to be.

• Stay active, energetic, and engaged: Forget the old-timer stereotypes of spending retirement in a rocking chair on the porch. You may be retired from your present career, but that doesn't mean you need to hang it up altogether. You can stay engaged in the world by offering your services as an executive consultant on a project-by-project basis.

• Keep working, but change how you work: It used to be that when you retired, you left your career behind forever and turned to leisure pursuits, spending time with family and grandchildren, and simply kicking back and relaxing. You still can do that, but today, you can have it all. Have your leisure time whenever you wish, but work when you want to. Forget committing to a full-time executive position. Instead manage your time as your own. How do you do that? Accept work on a project-by-project basis, from online services like Boomerswork, geared specifically to boomer executives like you. Brush up on your professional skills, learn what you need to learn about social networking, the Internet, and anything else where you may need to brush up on your skills. Consider investing in some new clothes and an updated haircut and get out there and show your clients what you can do for them.

• Be open to new experiences: If you held your previous executive position for many years, it's probably time for some new experiences. Consult with companies that need your expertise on a project-by-project, short-term basis. You'll meet new colleagues, get out of the isolation of retirement, and learn to enjoy different office cultures, too.

Baby boomers and retirement doesn’t have to be an oxymoron. You can have the retirement you want – and keep working at the same time. Choose when, with whom, and on what projects you will work, and feel free to kick back when you wish. Have it all.