financialforum
Your Third Age
Today’s generations are staying active later in life, with many
older Americans working after they hit retirement age.
Phil Dyer, CFP, examines the possible causes of this trend.
A
generation ago, retirement Plan, 401(k) and other defi ned contribu-
looked much different than it does tion plans, IRAs, and taxable investment
today. Now, those approaching accounts are important to all retirees.
retirement, recently retired, or even More work, more life: One of the catch
well into retirement are turning the old phrases in Third-Age circles is “you stop,
paradigm on its head by staying active you die” — and this just might be true.
after retirement. What the Europeans Recent research indicates those who
have long called the “Third Age” now is stay active past normal retirement age
making waves across the U.S. with full-time work, part-time work, or
So what’s driving this seismic change? signifi cant volunteer activity lead longer,
Not Sure What to Do
Healthy longevity: When people say, healthier, and more fulfi lling lives than
in Your Third Age?
“60 is the new 40,” they aren’t that far those who check out completely. In fact,
a73 Check out “One Step off. People are living far more active lives a signifi cant number of those who retire
at a Time,” page 80,
today than one or two generations ago. prior to age 65 are back in the workforce
to read what some
people are doing to
People used to slow down because they within six to 12 months.
stay active after they
had to; now people are staying mentally Some stay active because of fi nancial
reach retirement age.
and physically active into their 80s, 90s, necessity, but for many, it is by choice.
and beyond; seeking new challenges; shar- Corporate America is waking up to the
ing years of wisdom and experience; and fact that older workers have a lot to offer
giving back to their family, community, and is structuring work environments
and country. I continually am impressed that offer fl exibility and choice to ap-
by the vigor of MOAA members as I meet peal to a workforce that brings experi-
and interact with them across the country. ence and a great work ethic to the table.
Changing sources of retirement In 2000, 19.6 percent of workers were
income: One of the unfortunate side age 65-74, and that number had jumped
effects of increased longevity is that tra- to 23.2 percent by the end of 2006. In
ditional sources of retirement income Washington, D.C., nearly 32 percent of
no longer are suffi cient. Traditional pen- workers fall into this age group.
sions and Social Security are providing So what about you? What do you have
an increasingly smaller percentage of planned for your Third Age? MO
retirement income.
Military retirees (and other federal and
— Former Army Capt. Phil Dyer, CFP®, is
state government employees) have an ad-
deputy director, Benefi ts Information and Finan-
vantage over most of their civilian-sector
cial Education. To fi nd a fi nancial planner near
counterparts because of another source of
you, contact Garrett Planning Network at
(866) MOAA-GPN (662-2476) or
www.moaa
COLA-adjusted income. Even so, personal
.org/garrett, or visit
www.moaa.org/fi nancial
savings in the form of the Thrift Savings center for other resources.
4 8 M I L I T A R Y O F F I C E R S E P T E M B E R 2 0 0 8 PHOTO: SEAN SHANAHAN
SSept_Financial_Forum.indd
48ept_Financial_Forum.indd 48 88/4/08 7:15:55 PM/4/08 7:15:55 PM
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140