With 33 years of collective financial planning experience between them, three local baby boomers are hosting a seminar at the Andover Senior Center next week created to attract a younger crowd.
“Financial Fitness at 50-plus” will consist of a 90-minute discussion with Andover residents and fellow boomers Eileen Holzman, Suzan Big and Gregory Rigby, all local financial advisers.
This is the first in a series of programs — dubbed BoomerVenture by senior center staff — that aims to bring more baby boomers to the center.
And organizers hope the Oct. 11 kickoff program will draw people from all age groups who want to hear more about how to manage their money.
The advisers will answer questions from the audience about saving for retirement. Discussion topics will include investing in a global market and a volatile market, protecting investments, the limitations of financial planning, and dealing with changes in both life and personal finances.
It’s part of BoomerVentures’ idea that senior centers shouldn’t just be for the elderly — they can also be great resources for anyone dealing with aging issues — from money to health to emotional issues. In the winter, weekly events related to fitness and cooking are planned, she said.
“It’s pretty much open to whatever questions we get,” said Rigby of the forum, scheduled for the first floor of the School Administration building at 30 Whittier Court. “What you need is an overall, comprehensive strategy.”
Rigby said that retirees two generations before baby boomers were able to live off their pensions, while the generation after that survived off of a combination of pensions, savings and inheritance after retirement.
Now with people living longer — and often overextending their credit — retirement has become a time for many baby boomers to continue working after wrapping up their careers — often in fields that pay less but are more enjoyable to them.
“Now your retirement pool is a supplement to what you’re going to be doing after retirement,” said Rigby.
Rigby said most people aren’t equipped to plan for retirement themselves. Big agreed.
“Most people aren’t,” said Big. “Or they want to spend their time doing something else.”
Baby boomers are also often in the unique situation of caring for an elderly parent while also raising children — the so-called “Sandwich Generation” effect.
Big, who lives with her 90-year-old mother and 15-year-old daughter, knows what that’s like.
“I’m the volleyball mom and I’m the senior citizen daughter of a senior-senior citizen,” she said. “It’s not one-size-fits-all. It depends on the individual. It depends on the assets.”
With two children currently enrolled in Andover public schools, Holzman said the pressure of paying for college tuition is also a major factor in how baby boomers save money and plan for retirement.
“I am living the experience that I have to save for college and save for retirement,” said Holzman. “I feel there are many boomers in that same situation.”
“Financial Fitness at 50-plus” will run from 7-8:30 p.m. and will also include a session toward the end where participants can share what kind of activities they want BoomerVenture to include in the future, according to Payne-Taylor.
“It’s a great facility. It’s under-used at night,” said Payne-Taylor of the senior center. “We’re open to ideas. We have a lot of support and a lot of space here. We’d like to use it.”
News
October 4, 2007
BoomerVenture seminars kick off next week
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