Boomers are entering the ‘retirement years’ in record numbers and as this largest generation of 80 million people in the U.S. move into this stage, they are shifting the very definition of retirement and they way we think about it. Boomers are living longer healthier lives and needing more financial resources to enjoy the years ahead. This portends the pioneering of a new stage of life. This cohort group is not heading to the golf course and the retirement villages in droves - there is a distinctly different agenda afoot and it’s going to dramatically change the whole concept of retirement. What’s changing? Well, to get a sense of the complexities, take a look at some of these facts:

• The ‘Pig in the Python’. As always the Boomer cohort has been the largest, most powerful demographic force in our history. The cohort is 80 million strong representing 27% of our population; 15 million Boomers are now in the 60-65 range and about to create the biggest landslide in history of this number of older Americans.
• An Aging Country. The number of Americans over sixty-five will eclipse those under twenty in this decade with 40 million Boomers now over 50, and by 2030 a full ¼ of our population in the age range of 64-85.
• Boomers are a force in California. - Over 50% of adults ages 55-64 live in nine states including California (and NY, TX, FL, OH, IL, PA, MI, NJ)
• We are living longer and healthier lives than ever before. - People 60 years old today have a life expectancy of 81.6 years (CDC) and according to Gail Sheehy’s research, if a woman reaches the age of 50 free of cancer and heart disease, she stands a good chance of seeing age 92!
• A new life stage is underway. Like everything else Boomers have approached, they will do the same at this stage and pioneer what will likely become a new life stage, significantly altering our long held views of retirement.
• It’s neither full-time recreation nor full-time work. Boomers want to work cyclically, part-time, engaged in entrepreneurial ventures that matter to them and the world.
• From doing well to doing good. According to research by Civic Ventures, second careers in the retirement years are about people, purpose and community. Half of Americans age 50 to 70 want jobs that contribute to the greater good now and in retirement, according to the 2005 MetLife Foundation/Civic Ventures New Face of Work Survey.
• Money may run out. One-fourth of Boomers do not think they will have enough money to retire. Male Boomers (50%) are significantly more likely than females (34%) to think they have enough money to live comfortably in retirement (Del Webb Survey).
• Baby Boomer women are dreaming of retiring to Mars while Baby Boomer men hope to retire to Venus. According to Ken Dychtwald, Baby Boomer men are looking forward to working less, relaxing more, and spending more time with their spouse. Baby Boomer women view the dual liberations of empty nesting and retirement as providing new opportunities for career development, community involvement and continued personal growth.
• Freedom with few limitations. If economic issues are in hand, people in their sixties expect to enjoy a time of extraordinary freedom with relatively good health and few physical limitations. These important trends contribute to the new stage of life Boomers are pioneering.

We term this new stage of life - ThirdLaunch™, a time in life when the ticking clock gets our attention in a whole new way, where a sense of purpose is more important than ever, and when it’s finally time to integrate all we know, all we’ve done, all we’ve dreamed of doing, and take a leap to make a difference as we enjoy new possibilities.

The Hudson Institute of Santa Barbara has been dedicated to studying and enriching the lives of adults for over twenty years. We’ve worked with literally thousands of individuals and leaders as they have transitioned from one chapter in life to another. Our well-known book and seminar by the same name, LifeLaunch: A Passionate Guide to the Rest of Your Life, has focused on leveraging change and managing transitions during the middle years, and now we turn our attention to this new stage of development — ThirdLaunch™.

Sources: AARP’s Princeton Research Survey, MetLife Studies, Civic Ventures Study, CDC, US Census Bureau, McArthur Study, Gail Sheehy’s Passages and Sex and the Seasoned Woman, and Ken Dychtwald’s The Power Years.