Non-Financial Retirement Coaching
Job stagnation for millennials and the late-career proliferation of baby boomers.
A 2016 analysis by the labor market data and research firm EMSI and CareerBuilder tracks how the job market has changed for young workers 22-34 and pre-retirement workers aged 55 to 64 from 2007 to 2015. The news is troubling. Even as their population numbers have swelled, the number of younger workers has remained stable since 2007, while the number of pre-retirement workers has grown 9 percent over the same time.
Why aren’t Boomers retiring as expected?
According to the Boston College Center for Retirement Research, people need more than financial security to make the leap to retirement. Work provides numerous non-financial benefits that are not replaced by offering only a financial package. Finding ways for retirees to replace these intangible benefits is the focus of BOOMERangs Circle Back to Your Dreams Retirement Life Coaching. By offering it to employees, the likelihood of their taking your retirement package increases.
“The 2016 study’s key findings are: Financial factors have a statistically significant, but small, impact on retirement decisions. So it is not surprising that non-financial factors* have a major influence on those who choose to work into their late 60s or 70s. When workers retire, they are often being pulled by a desire for other activities rather than pushed by a dislike of work.” For the full report, click here
A Gallup Poll of 2014, focused on why aren’t Boomers retiring as expected, revealed that, “aside from financial considerations, boomers' notoriously hard-charging work ethic and drive to get ahead may make it difficult for them to envision downshifting into the slower pace of retired life.” For the full report, click here.
Financial Planning for retirement is not enough!
BOOMERangs Circle Back to Your Dreams Coaching is perfect for organizations that wish to educate and guide their employees to answer those hard questions and to help them develop a clear path towards retirement. As part of your Retirement Development Program, BOOMERangs offers Circle Back to Your Dreams group workshops and introductory lunch and learns. Each attendee is offered the opportunity to continue the program with one-on-one, couples or group coaching. You may also consider purchasing the BOOMERangs Self-Coaching Workbook to distribute to those contemplating their "next act". You can also purchase the Leader's Guide to facilitate sessions at your organization. Everything you need to plan and debrief the 22 activities are included.
See how BOOMERangs can support your organization to educate your employees about retirement. Click on video links below courtesy of CBIZ financial and employee services.
Herman Miller Provides
BOOMERangs Retirement Coaching
to Retiring Employees
Herman Miller, the furniture company employing over 8000 people world-wide, is now providing pending retirees BOOMERangs Retirement Coaching workshop, “Circle Back to Your Dreams,” as part of their employee Flex-Retirement program. The coaching enables employees to create an intention for their retirement and many options for how to fulfill that intention.
Why would a company help employees with what to do after they retire? BOOMERangs certified coach, Scott Anderson said, “in essence, it is for the same reason a company provides employees with retirement financial planning; to help them make a smooth transition into the rest of their lives. It, also, recognizes the time and effort they have put into their careers."
Much has been written about Boomers not saving for retirement and, as a result, staying longer in the workforce. A study by the Center for Retirement Research at Boston College (2/16) has found contrary reasons for why employees stay working beyond age 65. Below is a synopsis of the study:
Using data from the Census Bureau’s Current Population Survey (CPS), the study finds that the individuals most likely to be working at these older ages are those with the strongest finances.
Why are those most financially able to retire not doing so?
“While these older workers likely value the additional income, the study characterizes their continued employment as more akin to “play" than “work”. Overall, the study concludes that non-pecuniary considerations drive the labor force decisions of older workers.”
By providing BOOMERangs Circle Back Your Dreams, Herman Miller enables its retirees to find a retirement life that will give them the same level or better of satisfaction as their work. With both retirement finances and intention in place an older worker is completely able to start their next chapter.
To include BOOMERangs "Circle Back to Your Dreams" in your company’s retirement benefits and learn more about the process, contact Jeff@BOOMERangsRetirementCoach.com.