Perspectives on Retirement: The Boomers

As I have said many times we (Boomers) are writing new retirement rules. Sixty-six percent plan to or already are working past age 65 or do not plan to retire at all – and many expect to continue working in retirement, at least on a part-time basis. Plus, Boomers are paving the way for future generations by challenging employers to accommodate a flexible transition into retirement.

Most of us who plan to continue working say it’s because we need the income or in the US they need the health benefits provided by their employer. However, Baby Boomers’ vision of a flexible transition into retirement may prove difficult. Many employers do not yet have business practices in place to accommodate our need for a flexible transition into retirement.

We are confident (87% believe) that Social Security will be a source of our retirement income and one in three (34 percent) expects it to be their primary source of income. One-third (33 percent) are expecting income from a traditional pension plan, while most (78 percent) from 401(k)s, 403(b)s, IRAs and other savings and investments.

The current household savings in all retirement accounts among Baby Boomer workers is $147,000 (estimated median). It should be noted that many Baby Boomers were already mid-career when 401(k) plans were first introduced. Therefore, they have not had a full 40-year time horizon to save in 401(k) plans.

Working longer and fully retiring at an older age is a common-sense solution for mitigating retirement savings shortfalls. Baby Boomers’ vision can only be achieved if they are proactive about staying employable and if employment opportunities are available to them. A majority of Boomers says they are staying healthy (67 percent), while 56 percent are performing well at their current job and 40 percent are keeping job skills up to date.

As part of our retirement planning, Boomers should, the report by TransAmerica suggests, create a Plan B if retirement happens unexpectedly due to job loss, health issues, or other intervening circumstances. Only 25 percent of Baby Boomer workers have a backup plan for retirement income if forced into retirement sooner than expected.

Perspectives on Retirement An overview

The following is partially based on a report called Perspectives on Retirement the 15th Annual Transamerica Retirement Survey, published in 2016.

In Canada and the United States, our retirement system has been referred to as a three-legged stool. In the United States:  the three legs are, Social Security, employer-sponsored retirement plans, and personal savings and in Canada, the three legs consist of, Old Age Security Income, Canada Pension, Registered Retirement Savings Programs. Over the last few years, critics have attacked the concepts of Old Age Security Income in Canada as well as the Canada Pension Plan.

In the United States critics have questioned if the Social Security fund is sustainable. The attacks by the critics have led seventy-seven percent of workers to be concerned that Social Security will not be there for them when they are ready to retire. In both countries, there has been a gradual disappearance of traditional pension plans provided by employers. As a result, many of us are not sure if the stool will be standing when we retire at worst, at best many of us consider that the stool has become wobbly.

Sixty-one percent of workers have not fully recovered from the recession of 2008-2009. This includes 41 percent who have somewhat recovered, 13 percent who have not yet begun to recover, and seven percent who may never recover. Because many of us never did recover there is a mistrust of government and a widespread lack of confidence in the idea that the government will help us in our retirement

Canadian and American workers are taking matters into our own hands and we are adding a fourth leg to the stool, continued work part time or full time, when we move into retirement. Sixty-five percent of workers believe that they could work until age 65 and not save enough to meet their needs. Only 51 percent of workers agree that they are building a large enough retirement nest egg.

The 17th Annual Transamerica Retirement Survey of Workers released by the non-profit Transamerica Center for Retirement Studies® finds that 40% of Baby Boomers are expecting a decrease in their standard of living when they retire, 83% of Generation X workers believe that their generation will have a harder time achieving financial security than their parents’ generation, and just 18% of Millennials are very confident about their future retirement. Approximately half of the workers across all three generations plan to work at least part-time during their retirement.

Reading to your grandchildren part 3

The following list is from the Australian Booksellers’ Association list of 50 Favourite Kids’ Books, voted on by 5000 participants from a database of all children’s books in English and published here

1. Possum Magic — Mem Fox and Julie Vivas

Mem Fox’s best-selling first picture book about Grandma Poss, who uses her best bush magic to make baby Hush invisible.

2. Harry Potter and the Philosopher’s Stone — J.K. Rowling

The first book in Rowling’s series sees the young Harry journey to Hogwarts School of Witchcraft and Wizardry, where he hones his magical powers and confronts Lord Voldemort.

3. The Very Hungry Caterpillar — Eric Carle

First published in 1969, Carle’s collage-style illustrations follow a caterpillar as it eats its way through a variety of foods to emerge, at the end of the book, as a butterfly.

4. The Fault in Our Stars — John Green

Young adult novel that tells the story of a 16-year-old cancer patient, Hazel, who attends a support group where she meets and falls in love with a former basketballer and amputee.

5. Where is the Green Sheep? — Mem Fox and Judy Horacek

There are blue sheep, red sheep, a bath sheep and a bed sheep. But where is the green sheep.?

6. The 39-Storey Treehouse — Andy Griffiths

In Griffiths’ and illustrator Terry Denton’s tree house there’s a chocolate waterfall, a non-erupting active volcano, a baby dinosaur petting zoo and the Believe It Or Else museum.

7. The Magic Faraway Tree — Enid Blyton

In the Enchanted Wood fairy folk live on every branch of the Magic Faraway Tree, home to the Land of Spells, of Topsy-Turvy and Do-As-You-Please.

8. Where the Wild Things Are — Maurice Sendak

Max, sent to his room in his wolf suit, rages at the injustice. When his room transforms into a jungle, Max sails to an island where he fights the Wild Things.

9. Diary of a Wombat — Jackie French and Bruce Whatley

Traces the busy life of Mothball, a “wombat with attitude” who wrestles unknown creatures, runs her own digging business and even trains her humans.

10. The Gruffalo — Julia Donaldson and Axel Scheffler

A mouse wards off predators intent on eating him by conjuring a fictional creature, half grizzly bear, half buffalo.

11. Matilda — Roald Dahl

The story of young girl gifted with magical powers but saddled with dimwitted parents.

12. The Book Thief — Markus Zusak

Nazi Germany, 1939: Liesel learns to read and shares the books she steals with the Jewish man hidden in their basement.

13. Tomorrow When The War Began — John Marsden

A group of teenage friends returns from a week-long camping trip to the bush to discover that all the people are missing and pets and livestock are dead or dying.

14. Anne Of Green Gables — L.M. Montgomery

Published in 1908 and set in Canada, tells the story of an orphan girl sent to live in a farming community in King Edward Island.

15. Charlie And The Chocolate Factory — Roald Dahl

Charlie Bucket realizes his dream of entering the famous chocolate factory of Willy Wonka.

Here are five more books as a Bonus

16. The Hobbit — J.R.R. Tolkien

Follows the quest of hobbit Bilbo Baggins to win a share of the treasure guarded by the dragon Smaug.

17. The Secret Garden Frances — Hodgson Burnett

A spoilt, sickly child, Mary Lennox, becomes fascinated by a locked garden.

18. Wonder — R.J. Palacio

Born with a terrible facial deformity, 10-year-old Auggie longs to be normal. Now, for the first time, he is being sent to a “normal” school.

19. Harry Potter And The Deathly Hallows — J.K. Rowling

In the seventh and final novel in the series, Harry has turned 17, Dumbledore is dead and Lord Voldemort’s powers are increasing.

20. Are We There Yet? — Alison Lester

Much loved picture book by veteran Australian author and illustrator traces the around-Australia journey of eight year old Grace and her family.

Read to your grandchildren part 2

The National Educations Association (USA) list

1.   Charlotte’s Web by E.B. White

The novel tells the story of a livestock pig named Wilbur and his friendship with a barn spider named Charlotte. When Wilbur is in danger of being slaughtered by the farmer, Charlotte writes messages praising Wilbur (such as "Some Pig") in her web in order to persuade the farmer to let him live

2.   Where the Wild Things Are by Maurice Sendak

One-night Max puts on his wolf suit and makes mischief of one kind and another, so his mother calls him 'Wild Thing' and sends him to bed without his supper. That night a forest begins to grow in Max's room and an ocean rushes by with a boat to take Max to the place where the wild things are. Max tames the wild things and crowns himself as their king, and then the wild rumpus begins.

3.   The Giving Tree by Shel Silverstein

This is a tender story, touched with sadness, aglow with consolation. Shel Silverstein has created a moving parable for readers of all ages that offers an affecting interpretation of the gift of giving and a serene acceptance of another's capacity to love in return

4.   Green Eggs and Ham by Dr. Seuss

“Do you like green eggs and ham?” asks Sam-I-am in this Beginner Book by Dr. Seuss. Dr. Seuss’s beloved favorite has cemented its place as a children’s classic. In this most famous of cumulative tales, the list of places to enjoy green eggs and ham, and friends to enjoy them with, gets longer and longer.  Originally created by Dr. Seuss, Beginner Books encourage children to read all by themselves, with simple words and illustrations that give clues to their meaning.

5.   Good Night Moon by Margaret Wise Brown

In a great green room, tucked away in bed, is a little bunny. "Goodnight room, goodnight moon." And to all the familiar things in the softly lit room—to the picture of the three little bears sitting on chairs, to the clocks and his socks, to the mittens and the kittens, to everything one by one—the little bunny says goodnight. In this classic of children's literature, beloved by generations of readers and listeners, the quiet poetry of the words and the gentle, lulling illustrations combine to make a perfect book for the end of the day.

6.   I Love You Forever by Robert N. Munsch

The following is from the authors webpage

Love You Forever started as a song.

“I’ll love you forever,

I’ll like you for always,

as long as I’m living

my baby you’ll be.”

I made that up after my wife and I had two babies born dead. The song was my song to my dead babies. For a long time, I had it in my head and I couldn’t even sing it because every time I tried to sing it I cried. It was very strange having a song in my head that I couldn’t sing. For a long time, it was just a song but one day, while telling stories at a big theatre at the University of Guelph, it occurred to me that I might be able to make a story around the song. Out popped Love You Forever, pretty much the way it is in the book.

7.   Because of Winn Dixie by Kate DiCamillo

The summer Opal and her father, the preacher, move to Naomi, Florida, Opal goes into the Winn-Dixie supermarket and comes out with a dog. A big, ugly, suffering dog with a sterling sense of humor. A dog she dubs Winn-Dixie. Because of Winn-Dixie, the preacher tells Opal ten things about her absent mother, one for each year Opal has been alive. Winn-Dixie is better at making friends than anyone Opal has ever known, and together they meet the local librarian, Miss Franny Block, who once fought off a bear with a copy of War and Peace.

8.   Oh! The Places You Will Go by Dr. Seuss

From soaring to high heights and seeing great sights to being left in a Lurch on a prickly perch, Dr. Seuss addresses life’s ups and downs with his trademark humorous verse and illustrations, while encouraging readers to find the success that lies within. In a starred review, Booklist notes, “Seuss’s message is simple but never sappy: life may be a ‘Great Balancing Act,’ but through it all ‘There’s fun to be done.’” A perennial favorite and a perfect gift for anyone starting a new phase in their life!

9.   The Little House by Virginia Lee Burton

The story of The Little House sends a message of being careful what you wish for and about family values. The grandfather cared for his family so much that he wanted to make sure this house would last a lifetime. He built it so that no one could take away a gift that would outlast his time on Earth. This lesson in the story is very important in any stage of a child or adults life. There are a million activities one could do with this book and as a teacher, I would have students look up the history of their house and find out all the neat little things you just never think about. This book was wonderfully written and perfectly illustrated.

10.         The Polar Express by Chris Van Allsburg

The Polar Express is an old-fashioned steam train that takes children to the North Pole on Christmas Eve to meet the red-suited gentleman and to see him off on his annual sleigh ride. This is a personal retelling of the adult storyteller's adventures as a youngster on that train. The telling is straight, thoughtfully clean-cut and all the more mysterious for its naive directness; the message is only a bit less direct: belief keeps us young at heart. These are scenes from a memory of long ago, a dreamy reconstruction of a symbolic experience, a pleasant remembrance rebuilt to fulfill a current wish: if only you believe, you too will hear the ringing of the silver bell that Santa gave him and taste rich hot chocolate in your ride through the wolf-infested forests of reality.This review was written by Kenneth Marantz, Art Education Department, Ohio State University, Columbus Reed Business Information, Inc.

11.         Skippyjon Jones by Judy Schachner

Skippyjon Jones is no ordinary kitten. Oh, no. . . .He’s actually El Skippito, a great sword-fighter ready to battle banditos the world over! With a little imagination and a whole lot of fun, this frisky cat dons a mask and cape and takes on a bad bumble-bee to save the day. And along the way, he’ll be sure to steal young reader’s hearts

12.         Thank You Mr. Falker by Patricia Polacco

The real-life, classic story of a dyslexic girl and the teacher who would not let her fail. Patricia Polacco is now one of America's most loved children's book creators, but once upon a time, she was a little girl named Trisha starting school. Trisha could paint and draw beautifully, but when she looked at words on a page, all she could see was jumble. It took a very special teacher to recognize little Trisha's dyslexia: Mr. Falker, who encouraged her to overcome her reading disability. Patricia Polacco will never forget him, and neither will we.

13.         The Cat In The Hat by Dr. Seuss

Poor Dick and Sally. It's cold and wet and they're stuck in the house with nothing to do . . . until a giant cat in a hat shows up, transforming the dull day into a madcap adventure and almost wrecking the place in the process!