Retirement: Single without Children

1. Retirement: Single without Children Trailblazing, Again

2. Typical Retirement Plans • 2006 study found • 80% of boomers planned to focus energy on grandchildren • 77% planned to spend time with family • Baby Boomers and Beyond, Any Hanson, p. 52 • Question for single adults without children • How do you see retirement? • What relationships take the place of grandchildren? • Will you spend time with your siblings and their families? • Will you spend time with members of your extended family? • What role do friends have in your retirement plans?

3. Possible Scenarios • Becoming a care-giver • 65 and over is a fast growing population segment • 85 and over is growing more rapidly • Projected growth: 5.7 million in 2010 to 6.6 million in 2020 • Baby Boomers and Beyond, Any Hanson, p. 63 • Question for single adults • Do you and your siblings have a plan to care for aging parents? • Are you as the person without children the best choice for this role? • Begin talking about caring for your parents and other family members.

4. New Retirement Concepts • 76% of boomers plan to work after retiring • Plan to retire from current work and start a new career or job • Typical plans include starting a business, working in the nonprofit area, or at a “fun” job • The goal is to have flexibility, enjoy the job, and have time to pursue interests • Boomers want to stay actively involved with life

5. Keys to Successful Retirement • Have a plan to fill your days • Will you find a job? • Will you volunteer? • Have you identified possible options for jobs and volunteering? • Have your finances in order • How much money will you need each month ? • Will it cover your needs as well as your “wants”? • What options do you have to increase your retirement funds? • Where will you live? • Stay where you are? Relocate? • What is your rationale for each response?

6. Interesting Tidbit The first Social Security check was issued in 1940 to Ida Mae Fuller. In her lifetime, she received more than $22,000 in Social Security payments. She only paid $24.75 into the system. This was not a problem because there were 42 workers for each person receiving benefits. As boomers retire, there will be two workers for every retiree. Baby Boomers and Beyond, Any Hanson, p. 82

7. Preparing for Retirement • How will you fill your days? • New career • Volunteer • Part-time work • Other options • Are your finances in order? • Talk with your pension plan administration • Gain information about other saving such as 403 (b) and 401(k) plans • Understand the perils of inflation and raising health care costs

8. Preparing for Retirement • Where will you live? • Stay where you are • Relocate to a retirement state or city • Move to a retirement community • Move closer to family members • Relocation Considerations • Making new friends and forming a new support network • Finding ministry opportunities • Finding employment and volunteer opportunities • Finding new health care providers

9. Preparing for Retirement • Biblical Examples of Older Adults • John was 90 when he wrote the book of Revelation while imprisoned on the Isle of Patmos • Moses was 80 when he lead the children of Israel across the Red Sea • Other Examples • At 100 Grandma Moses was painting • At 89 Albert Schweitzer headed a hospital in Africa • At 89 Arthur Rubinstein gave one of his greatest recitals in New York’s Carnegie Hall • At 82 Winston Churchill wrote History of English Speaking People

10. Amy Hanson Says “The crystal-clear message in the Bible is that we never retire from our walk with God or our service to Him. Though the form of this service may change depending on the season of our lives, Scripture commands us to continue growing in Christ and serving Him until He chooses to take us home” (Boomers and Beyond, p. 89).