Baby boomers (those of us born between 1946 and 1964) have had some pretty bad press. We’re thought of as affluent and lucky, as well as committing the crime of holding the majority of the UK’s wealth. There’s even a book called, How the Baby Boomers Took Their Children’s Future – And Why They Should Give It Back as well as regular social attacks on this generation. Ouch.
Baby boomers are now retiring or retired and are making up a large percentage of the population as they become healthier, more active, live longer and wealthier than any generation before them. On the whole, they’re also intelligent, capable, professional and driven, with a diverse skillset. Last year, Professor Dame Sally Davies, the Chief Medical Officer for England reported on ‘Baby Boomers: Fit for the Future’ – a look at the health of people aged between 50 and 70. Her findings were that:
“People are living longer than ever and so retirement presents a real opportunity for baby boomers to be more active than ever before. For many people it is a chance to take on new challenges, it is certainly not the start of a slower pace of life it once was…Staying in work, volunteering or joining a community group can make sure people stay physically and mentally active for longer. The health benefits of this cannot be overestimated.”
In fact, even as long ago as 2013, Forbes were reporting on the fact that baby boomers are now taking the opportunity to give back and are very good at it. A survey conducted in 2013 in America found that 43% of all charitable donations, came from the baby boomer population.
The baby boomer generation are acutely tuned in to the desire and need to give back to society. What’s more, baby boomers are looking at increasingly diverse and exciting ways of doing so.
You want to make a difference
The baby boomer generation are acutely tuned in to the desire and need to give back to society. What’s more, baby boomers are looking at increasingly diverse and exciting ways of doing so – from leaving a financial legacy to volunteering in the UK and overseas, fundraising and even taking a gap year. The Gap Advice organisation estimates that some 200,000 or more baby boomers are taking retirement gap years abroad and indeed, provide a valuable resource in terms of the skills, experience and training they can share.
With many years of healthy retirement ahead, the two key factors for most retirees seems to be financial security and a sense of personal fulfilment or living with purpose. We can help you with both and can advise you on how realistic and achievable your ideas about giving back really are.
It starts with a life plan
If you’ve thought about charitable giving or volunteering (particularly overseas) at all, then one of the first questions you probably asked yourself is, Can I/we afford to do this?
We start by helping you to identify and refine what you really want out of retirement. What would make you feel fulfilled and what you hope to enjoy. This is part of our professional life planning work which is done with Tracey Evans, one of the UK’s top life planners, and this in itself, is an enlightening and enjoyable experience. It often reveals surprising things about you but most importantly helps you identify what really matters to you and what you want to achieve. If that means upping sticks and working in Africa for a year or making a substantial donation to a charity, so be it.
Structuring your finances so that you can give back
It’s not until we have a clear idea of what your life goals and ambitions really are, that we can start to evaluate and plan your finances by answering two key questions: can you afford to do the charitable act you have in mind? If not, can we structure your finances in such a way that you can afford to do it?
It’s not until we have a clear idea of what your life goals and ambitions really are, that we can start to evaluate and plan your finances.
Part and parcel of that of course, may be to explore other options that you haven’t thought of but that might present an acceptable compromise. That might mean using more tax efficient donation strategies or investing differently. All our advice and financial plans are based on sound evidence and take a sensible long-term approach to your finances.
Whatever you want to achieve during your retirement, you still need financial security and a comfortable standard of living for the long term. Our aim is to structure your finances to ensure that happens. We’ll also keep your financial situation under review, so that if your circumstances change, you can be confident that your plans are still on track
So, if you want to make a difference, leave a legacy, make a contribution to society or volunteer overseas – it’s not too late. You can be confident that when you return to the UK or just reach your later years you’ll still have enough to enjoy the kind of retirement you envisaged. Baby boomers really are making a difference and can give back.