Boomers are expecting to live a longer and more active life in retirement. Not only does this change the way retirees need to plan for the future, it also changes the way the country needs to plan for an onslaught of retirees.
Beginning March 11th, Marketplace and Sound Money will explore these issues in a four-part series called "Reinventing Retirement."
Special Correspondent Jo Giese traveled to Wyoming for our story.
That state's quickly graying population gives us a glimpse of what's down the road for the rest of the country as the baby boom generation starts to retire.
We'll meet Rick and Sharon Olsen. Retired and in their 60s, they'd rather work a farm in snowy, rural Buffalo than lounge on a beach in Florida. And we'll hear from the Governer of Wyoming, Dave Freudenthal, who is trying to get employers and policy makers in his state to see the flood of retirees as a "new natural resource."
Is America ready for a new type of retirement? Are you?
Sound Money, March 11, 2005. It used to be - retirement was just a quick rest between a long life of work and...well, eternity. But now - people are living longer, healthier lives. And for some, retirement will last for more than 30 years. Planning for those all those years demands a new approach. In the first of our four-part series, we look a new concept in life post-career: The tiered retirement. How do you make the most of your active years, without putting yourself at risk later on.
Marketplace, March 16, 2005. Although Wyoming might seem like an unlikely retirement destination, by the year 2020 the Cowboy State could be the grayest in the nation.
In Wyoming, Jo met some pioneers on this new retirement frontier - people more interested in bailing hay than bingo. They see retirement as a time to finally live out deferred dreams. But is growing old in a snowy, rural setting realistic?
Marketplace, March 17, 2005. Thirty million people will begin leaving the work force for the golf course five years from now. What will America look like when 20 percent of its population is retired? Maybe a lot like Wyoming. The Cowboy State is already experiencing an influx of retirees. On the surface, having a fifth of the population paying fewer taxes but demanding more services might seem like a burden. Wyoming Governor Dave Freudenthal doesn't see a burden but a boom. He sees older folks as his state's next great natural resource.
Sound Money, March 18, 2005. In her trip to Wyoming, Jo finds there's a new home on the range. It's called the universal home. It's a concept in design that allows retiring baby boomers to stay in one place throughout all the tiers of retirement. Picture wide, open spaces that are great for entertaining now and will accommodate a wheelchair later. The result - a house that will age as gracefully as you hope to.