Advances in health care and improvements in lifestyle allow the generation of retirees moving to Southwest Florida today to live longer and more active lives in retirement, but that in turn is changing the fundamental paradigms of financial planning. At the most recent installment of SB2, on the topic “Reinvent Retirement: Boomers and Caregivers,” experts discussed how today’s aging population desires more independence, and explored how that can be achieved. 

Kelly Caldwell, Caldwell Trust Company CEO, noted that in 1970, people retired at 65 and the life expectancy was 70. Now average life expectancy is 85, and plenty live past 100. “More people are asking the question, ‘Will I run out of money?’ or ‘Do I have enough money?,’ “ Caldwell said. “If I am sitting down with someone, I talk about how much they want to have at a certain point in life. To achieve that, you can work longer, you can work part time—a $20,000-income in retirement is like having $400,000 extra in the bank—or you can lower your quality of life expectations.” And the need for solid planning runs the gamut of aging individuals. “Even our wealthiest of clients can get in a situation that is very uncomfortable,” said Aubrey Lynch, a principal at CS&L CPAs. More are realizing they need a financial plan, and the plan needs to be well understood by family members, including spouses, children and potentially in-laws and stepchildren.

Erin McLeod, The Friendship Centers senior vice president, said many of today’s retirement-age citizens had planned on selling homes they owned for years to help pay for retirement, medical expenses associated with aging and potential assisted living costs, but the housing market bust derailed that. Now seniors are finding ways to continue producing in a changing world. “We have employees who are working well into their 70s and 90s,” she said. “We’ve got waiting lists for our computer classes because people today don’t want to be left in the dust.” Tim Hearon, CEO of Boomerswork.US, specializes in finding work for the over-65 set and has found many employers still want someone with solid work background over a younger person with more tech-savvy. “They may not always want a college graduate just because he can use an iPad,” Hearon said. Managerial experience in a specific field can lead to a great hire on a permanent or interim basis. 

The expectations can vary by age group, according to Kathy Black, professor of Social Work and Gerentology ay the University of South Florida, Sarasota-Manatee. Many younger Baby Boomers want lifelong work, or want to start a second career when they get older. “We want to know how we will manage a multigenerational workforce,” she said. And Robert Karnick, of Robrady Design, said the independence of the aging Boomer generation could create opportunities all around. The desire for independence creates demand for products and workers in the home health care field, and also spurs technological advances that allow people more healthy and active lives. “How do we take these things forward and make them relevant and usable to people in the aging population?,” he said. That question creates opportunities in tech, design and a variety of other fields.