Talking about the retirement of the baby boomers is a huge topic in the personal finance world these days. Visit just about any finance blog or website and click on their "retirement" tab and you'll likely find yourself looking at a couple baby boomer-related articles.
A USA Today article recently reviewed 3 ways in which baby boomers are redefining their retirement. However, after reading this article, I realized that you don't have to be a baby boomer -- and you don't even really have to be close to retirement yet -- to begin redefining your own idea of retirement. In fact, I found my own ideas regarding retirement amazingly similar to those of the baby boomers, except I'm one of those on the Generation X/Generation Y cutoff age group.
Early retirement is still an option
In my opinion, retirement is really all about how you view it. I don't consider a retirement as a time to do absolutely nothing; instead, I view it as a time when I can do more of what I want. As someone who likes to stay busy, part-time work (or activities that will earn me some sort of income) will likely be a part of my life until I die. Therefore, I may be able to retire earlier than some, while still earning an income. In the past, this may have been more of an all or nothing proposition, but with the ability to work through the internet and travel at the same time, it's opening up a whole new retirement option…the working retirement.
Speaking of continued work, part-time roles in retirement don't sound like a half bad idea these days. Not only can such work hedge our bets when it comes to potential retirement income shortfalls, but they can keep us busy; and since we like our work, such roles can continue to make us feel productive as well.
Retirement doesn't have to be an all or nothing proposition. I actually hope to continue working in retirement, since it could open up new options not only due to the extra income but also because we could explore new jobs and roles that we've never had the time or opportunity to before.
Trying new things
One such option that we have in mind for retirement work is land management. No, we don't want to be landlords to those renting homes or apartments from us, but rather we'd prefer to be land owners who attempt to harness the power of natural resources.
As the job market continues to be weak, more and more people are looking toward self-employment or contracted positions and roles, and as our food and water resources bear the continued strain of fewer farmers and higher population, I've begun thinking outside the box about our retirement. I now believe that land management is the way to a more secure retirement. Owning a piece of something tangible such as land that we can work, grow food upon, and utilize the natural resources from adds another element to our retirement.
While stocks, bonds, pensions, and Social Security benefits can be strong elements of retirement finances, having something to hold onto and utilize as a way not only to possibly generate income through land management or leasing to farmers, equestrians, or to loggers for timber harvesting, but to reduce expenses as well through raising crops, hunting, or serving as entertainment (should it have a lake for swimming or fishing) adds another integral part to how I hope to redefine our eventual retirement.
*Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.
More From This Contributor:
The author is not a licensed financial professional. The information provided in this article is for informational purposes only and does not constitute advice of any kind. Any action taken by the reader due to the information provided in this article is solely at the reader's discretion.
- Retirement Benefits
- Investing Education