On a collision course with reality

Yes, I must admit, I am one of them-a baby boomer. Having retired once a few years back before dot-com reality hit me, I suspect that there are many of us rvho scratch our heads and debate when is it time to hang up our computers and head for the sunset.

I guess the first thing I found out in my short l8-month retirement was that it suddenly was not as much fun anymore, not least how any spouse can find so many jobs for me to do. While in gainful employment. there had been many days that I had wished I was not working. But after retirement, I realized there were many things I missed-not least the camaraderie and all the perks.

After all, I am one of the generation that rvanted it all and has never settled for less. At the time. the thought of lazing around in my pajamas sounded great. along rvith cocktails at four, and traveling here, there, and everywhere. Sadly, I realized I did not have any real hobbies. and I soon realized everything I liked doing required money. I quickly became bored. and there rvere many shocks that set in-not least the cost of healthcare.

Apparently. I am not alone. A recent report suggests that over 7 million retirees have gone back to rvork after an average of l8 months of retirement. and rvhile one third did so out of financial necessity. trvo thirds of those said they did it because they wanted to. From these 7 million. about 60% still carry a mortgage rvith an average equity of 47Vc (still a long rvay to go). rvhile 547r are rvorking part-time. 36% are rvorking full-time. and l07c are looking for rvork.

I think there are an arvful lot of shocks coming for the boomer generation that has saved less than they have needed to, are living longer. and face the prospects of mediocre returns on investment in coming years. especially as many of our companies today no longer offer pension plans anymore.40l-k's only go so far. so for those rvho rvork for companies that offer full pension plans-be grateful-they are going the rvay of the dinosaur. Another loss chalked up to globalization and competitiveness.

The big issue. is of course. finding that ideal position when you are over 55 (some rvould say even in your late forties). The thought of rvorking at Home Depot scares the living daylights out of me (as one ex-c.e.o. I met recently rvas doing). but for those of us rvho have been on the resume trail. finding a company to give you a chance is not easy. Unfortunately, there are too many others rvho rvill cost a company a lot less. and sadly rve are in an age of less is more. Frankly. I have seen just so much talent rvasted over the last 20 years of people rvho could not get jobs despite enorrnous experience. because of their age (l don't believe the age discrimination larv rvorks).

So. this may be a great time in life to start a business. A recent survey suggested 13% of those rvho indicated they wanted to rvork after retirement said they rvould like to start their orvn business. The big issue in starting a nerv business for a retiree or near retiree is the dorvnside if it does not rvork out. A younger entrepreneur has a lifetime to recoup losses. but that's not the case for someone at or near retirement age.

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But. provided the energy is still there. the big advantage is experience. Older entrepreneurs have often rvatched from the trenches all that rvorks and all that does not. and are less impulsive than perhaps youn-ger entrepreneurs. Also on the plus side. there are decades of industry relationships. and age also brings the ability to raise capital (especially rvith good home equityy.

Freed from the risks of starting a nerv business rvhile raising a family and putting the kids through school. an older person can start a business based on perhaps a passionate hobby or decades of industry experience. But if a high level of motivation is not there and the risht research has not been done. this can be a most costly experience.

As us baby boomers get to the point of retirement. and rve look at our IRA's. 401's. our social security benefits. health costs. mortgage balances. and average life expectancy of 85. I suspect reality may be hitting home for many. Many of us rvill have to rvork far longer than rve ever thought. so it is important rhat we enjoy rvhat rve do. Whatever the ansrver is I hope I rvill not be retiring at 100 years old as one _sentleman here in Los Angeles did recently. The thing that struck me rvas that he only had one day off in all his rvorking life-that is commitment and dedication. So you employers don't rvrite us off until we are ready! Oh rvell. at least no more chores.