The New Retirementality by Mitch Anthony (2001, Dearborn Trade) advises readers to pay attention to non-financial aspects of retirement planning, beginning early in life. The author predicts that work- or some other meaningful and fulfilling activity- will be a part of many baby boomers' lives well into retirement because it provides meaning and purpose, in addition to a paycheck.

The book also provides evidence that the "industrial age model of retirement" has become outdated in the information age and that it is futile to reserve work for only one stage of life and leisure for another. Below are some additional insights from this book:

• Many people make the mistake of "compartmentalizing" their work and leisure into separate stages of life. The "New Retirementality" describes a different lifestyle where people do things that they enjoy throughout their adult lives and try to balance work, family, and leisure. People who follow this model don't "retire" in the traditional sense because they have found something (e.g., a job, a sideline business, volunteer activities) that they enjoy very much and want to continue doing. They don't want to quit what they are doing at an "artificial finish line," such as age 62 or 65, but, rather, may desire only to slow down a bit and work at their own pace.


• Surveys show that many baby boomers don't want a retirement consisting only of unstructured leisure time. Over 80 percent say they want to continue work of some type (although not necessarily their current "day job") for different reasons, and at varying paces, throughout their adult lives.


• Disillusionment rates are high for retirees. For those who don't prepare for the non-financial aspects of retirement with a plan, boredom and a lack of purpose are commonly reported. Anthony reinforces this by stating "Our greatest fear and insecurity for our later years should not be about the Social Security system or about being broke but rather about being without purpose and meaningful work."


• Three common retirement myths described in the book are "Being retired means you're not working," "You have to be 62 to do what you really want to do," and "A life of ease is the ultimate retirement goal." Anthony debunks each myth and predicts increased workplace flexibility motivated by a tight labor market (the small generation behind the baby boomers). He also advises readers to find work that feels like play "sooner instead of later" and states "a life of total ease is one step from a life of disease." Not surprisingly, research indicates that over one-third of male retirees go back to some form of work within one year of retirement and over two-thirds of them take full-time jobs.


• Experts agree that new language is needed for the word "retirement" because it turns off baby boomers and younger generations. The wording should signify that new possibilities are available at whatever stage in one's life a change happens. In other words, it is a chance to reinvent yourself. Anthony notes "We need to begin to call retirement and retirement savings what they really are: a second chance and emancipation money."


• With fewer younger workers following the baby boom generation, companies will need to become more flexible in the future to retain the talents of older workers and avoid a "brain drain." Examples of "win-win" arrangements that can benefit both employers and older workers include flextime, part-time work, telecommuting, consulting arrangements (e.g., hiring back former employees as self-employed contractors), and phased retirements.