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In 2011, less than four years from now, the leading edge of 76 million people will hit the traditional retirement age-65-years-old,, and for the next 18 years, millions of retirees will overwhelm the nation’s social security and medicare systems. Think carefully now! Are you a baby boomer? If you are troubles loom ahead and these facts affect you.
Between 1946 and 1964, 76 million babies were born in this country. We refer to them as the baby boomers, the most significant cohort in the nation’s history. Tim Sales, a network marketing trainer likens the baby boomers to a basketball moving through a water hose. If you know where the basketball is, and can figure out what 76 million people want, you can earn tons of money. From the late 1940s through the 1950s decade, the baby boomers made Gerber’s and Halbros million dollar companies. Baby boomers started getting driver’s licenses just in time to make the Mustang the nation’s number one muscle car in history. As these boomers hit their mid-to-late 20s, even early 30s, and had heard for the last time: “My house, my rules,” they fueled the nation’s largest residential building boom in history.

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You’ve heard most of them before. They seem like well-meaning retirement advice. But, BEWARE. The following illusions, delusions and downright lies about retirement can be dangerous to your retirement well-being:

1. If you have enough money, your retirement will take care of itself.

WRONG. WRONG. WRONG. This is the biggest and most dangerous lie about retirement. Of course, money is important. Yet, money is only one of 15 “must haves” for a thriving retirement. Focusing only on the tangible financial aspects of retirement and ignoring the other, less tangible, “must haves” is a prescription for disaster. While taking charge of your life, having dreams for the future, and a purpose that pulls you out of bed in the morning are not as quantifiable as, say, $1.3 million in assets, they are just as crucial.

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You’ve heard most of them before. They seem like well-meaning retirement advice. But, BEWARE. The following illusions, delusions and downright lies about retirement can be dangerous to your retirement well-being:

1. If you have enough money, your retirement will take care of itself.

WRONG. WRONG. WRONG. This is the biggest and most dangerous lie about retirement. Of course, money is important. Yet, money is only one of 15 “must haves” for a thriving retirement. Focusing only on the tangible financial aspects of retirement and ignoring the other, less tangible, “must haves” is a prescription for disaster. While taking charge of your life, having dreams for the future, and a purpose that pulls you out of bed in the morning are not as quantifiable as, say, $1.3 million in assets, they are just as crucial.

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Having the right type of retirement plan and handling it probably is the key to having all the money you want to enjoy your golden years. While there are many ways you can save for retirement one of the most typical is to join the 401(k) plan offered by your company. In addition to this plan, however, you may want to make some investments on your own in vehicles such as stocks, mutual funds, bonds, CDs, real estate or whatever else suits your fancy.

Since most people leave their retirement wealth up to the savings in their 401(k) plan that’s what we’ll talk about here.

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Life! Ah, there’s nothing we’d rather have! If only the condo salesman would have known that extended life was included in the selling price of the condo back in 1984. Twenty three years ago, while visiting Mismaloya, just south of Puerto Vallarta, Mexico, we were approached by a super condo salesman. His pitch was that after making the original deposit, the rental income would virtually pay for the condo. We fell for it and bought the full ownership condo and returned to Puerto Vallarta, known as PV or Vallarta by the locals, a couple times a year for many years while still working in Houston, Texas. We found that the week or ten days during each visit was so relaxing and stress free that one could totally recharge his batteries before returning to the hectic, high stress business life back in the States. After a week or ten days of sleeping like a baby, it was difficult returning to the routine grinding mill with the associated sleepless nights. The pace of life in PV, where everything can be done manana, was like being on another planet when compared to Houston. We always looked forward to the next trip to Vallarta and hated to see it come to an end.

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Life! Ah, there’s nothing we’d rather have! If only the condo salesman would have known that extended life was included in the selling price of the condo back in 1984. Twenty three years ago, while visiting Mismaloya, just south of Puerto Vallarta, Mexico, we were approached by a super condo salesman. His pitch was that after making the original deposit, the rental income would virtually pay for the condo. We fell for it and bought the full ownership condo and returned to Puerto Vallarta, known as PV or Vallarta by the locals, a couple times a year for many years while still working in Houston, Texas. We found that the week or ten days during each visit was so relaxing and stress free that one could totally recharge his batteries before returning to the hectic, high stress business life back in the States. After a week or ten days of sleeping like a baby, it was difficult returning to the routine grinding mill with the associated sleepless nights. The pace of life in PV, where everything can be done manana, was like being on another planet when compared to Houston. We always looked forward to the next trip to Vallarta and hated to see it come to an end.

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Someone recently asked me what I planned to do when I retired. “Retire?” I asked. “I’m not planning to retire!” I can’t think of anything much worse. What would I do if I weren’t pursuing my passion? Yes, my work is my passion and I hope to be pursuing it for many more years.

I like to travel, just not for long periods of time. I don’t play golf. I do mess around in my garden, but this only takes a few hours of my week. I love to read, but I couldn’t read all day, every day.

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Someone recently asked me what I planned to do when I retired. “Retire?” I asked. “I’m not planning to retire!” I can’t think of anything much worse. What would I do if I weren’t pursuing my passion? Yes, my work is my passion and I hope to be pursuing it for many more years.

I like to travel, just not for long periods of time. I don’t play golf. I do mess around in my garden, but this only takes a few hours of my week. I love to read, but I couldn’t read all day, every day.

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Someone recently asked me what I planned to do when I retired. “Retire?” I asked. “I’m not planning to retire!” I can’t think of anything much worse. What would I do if I weren’t pursuing my passion? Yes, my work is my passion and I hope to be pursuing it for many more years.

I like to travel, just not for long periods of time. I don’t play golf. I do mess around in my garden, but this only takes a few hours of my week. I love to read, but I couldn’t read all day, every day.

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If you’re about to retire, have you ever taken the time to think about some of the potential challenges associated with the process of disengagement from work? And have you stopped to consider how you will replace the feelings of satisfaction, importance, usefulness, companionship and productivity that you previously obtained from your work?

Think about the following for a moment:

1. Why does my mum still do her ironing on Sundays, as she always did when she was working, even though she’s been retired for over 10 years?

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