In January 2006, the first members of that cohort known as ”Baby Boomers” turns 60 years old. In terms of numbers, this generation represents 8 million adults in Canada and 77.5 million in the United States leaving the workforce and heading into some kind of retirement.

The challenges and questions facing a new generation contemplating retirement are many and complex, especially when a longer life span, earlier retirement, new definitions of "work," and significant changes to income sources are added to this changing picture of retirement. It is entirely likely, that a great many of the most successful members of this generation will contemplate or enter retirement without an adequate lifestyle plan firmly in place. In fact, they may not even have considered the necessity of having such a plan formulated before their retirement.

Today, the real questions for those looking toward the future go beyond the traditional concerns of retirement planning as financial planning:

• "Will my money last through my retirement?"
• "Will I have enough to live on?"
• "Will I be able to afford...?"

• "How will I spend my time?"
• "What do I really like to do?"
• "What will keep me motivated?"
• "How will I react to not having a job?"

Such a question might well be asked by someone unfamiliar with the precepts of the New Retirement, one of which is the rediscovery of the "authentic self." However, think of any other major periods of change and transition in your life when you wouldn’t dare venture forth without some kind of plan: college, career, marriage, children, vacations, investments, car and home purchases.

We plan for such occasions because we want to get it right, because we want to make sure that the decision we make is the right one for our life at that time, and because we don’t want that decision to end up being a costly or emotionally hurtful mistake.

We plan because we want to avoid saying to ourselves: “If only I’d had a plan, how much easier and less complicated things would have turned out!” We plan because we are all aware of the lasting impact change and transition have on us, and because we respect the importance of making life-altering decisions carefully.

So, consider these important concepts in the planning process as you approach those decisions you will make for your retirement:

When you plan, you have the power and ability to chart your own course.

When you plan, you’re in the driver’s seat to actualizing your goals and dreams.

When you plan, you have the power to learn and implement new strategies for dealing with your changing needs and circumstances.

When you plan, you have the ability to access many different resources to help you make informed and educated decisions about them.

In addition to the above considerations, the planning process for retirement is founded on these five principles:

1. The last third of your life will be different from that of any other previous generation
2. Your future is your sole responsibility -- you can no longer count on others to meet your needs in later life, and that includes your employer, the government, your own family
3. Planning does not take a great deal of effort and will not overwhelm and already busy life
4. Any forward step creates momentum and creates more opportunities to accomplish your goals
5. Your own individuality is a wonderful resource, which will support and guide you through the planning process -- keep in mind, that it's all about you!

Richard P. Johnson, Ph.D., defines the New Retirement as a time of personal change and unimagined growth that encompasses the internal and intangible depths of our psychological and spiritual convergence. The New Retirement means "living your dream," as a results of a process called "individuation." This is the process in adulthood of becoming all that you can be or making the most of who you are as you mature. As you advance in age, you become a completely unique individual, someone who has become their truest self. We call this self our "authentic self"--the self beyond ego, the self beyond self-esteem or high self regard -- the real us. Retirement under these conditions becomes that specific time in our life when we can become our true individual self or authentic self. This is not a process that happens in a life stage that is synonymous with taking a vacation or taking a rest. The New Retirement is an opportunity for us to find out who we really are at our deepest level and, as a consequence, finding a new self value beyond what we have experienced in life thus far.