Cecily O'Connor
RedwoodAge.com
Boomers once promised to change the world, and they're still trying.
Life spans are lengthening, and boomers have a lot at stake when it comes to what they want late in life. But most don't think they'll find contentment in a wad of cash.
Instead, most are seeking meaningful opportunities by volunteering in their community or nabbing an encore career that places them in an entirely different job setting, according to a survey.
"We found through this research that people who make valuable use of their lives through meaningful work, time to socialize, personal interests and travel, and care for their physical and spiritual health, are more likely to have contentment and purpose in their lives," said Sandra Timmermann, director of the MetLife Mature Market Institute.
"Having enough money to be comfortable - a different standard for everyone - remains important," she said. "But it's not the only, or even most important, focus."
The results complement other recent research in the field. For example, the marketing group Focalyst reported 18 million boomers volunteered to help their communities in a single year. About 20 percent of the 58 million employed boomers also planned to help their communities. A separate report from San Francisco-based Civic Ventures noted that half of the 8.4 million boomers in "encore careers" were in positions that helped society, such as helping out in schools or hospitals.
Living the "good life" for middle-aged and older Americans is equated with spending time with family and friends, according to the study, which interviewed more than 1,000 adults between the ages of 45 and 74; boomers are now 45 to 63.
Respondents, regardless of financial status, said that their goals are primarily meaning-based. Older respondents, in particular, focused less on wealth accumulation and more on health and well-being.
As part of the study, MetLife broke down several myths:
- The Good Life = Material Wealth. When asked to select from a list of 13 activities that contribute to living a purposeful life, respondents were more likely to choose spending time with friends and family, and taking care of their physical self. These kinds of activities become increasingly important as people age.
- Happiness = The Absence of Misfortune. Most people experience one or more negative "trigger events" such as serious illness, the death of a friend or family member, or a major financial loss during their lifetime. In fact, nearly 60 percent of the respondents lived through at least one such event over the past year. However, positive events, such as the birth of a grandchild or getting a new job, can be triggers, too. The point is, most trigger events are not under a person's control, but those who live the good life are able to regain happiness through the meaning in their lives.
- The Good Life = More. For some, that could include more friends, more money, more health, or more activity. However, most of the components that make for a good life come from balance and alignment of financial security, health and meaningful activity. MetLife sees five basic types of people that are defined by the value they place on the core components in their lives: money, medicine, meaning and place: 1) balanced givers 2) meaning minded 3) balanced individualists 4) financially focused, and 5) the hyper individualists.
The highest percentage of those who said they are living the good life are
the "meaning minded," which basically indicates they are willing to
give up money for meaning. The financially focused may have a strong vision for
the future and engagement in meaningful "work" that provides purpose
and fulfillment, but are least likely to say they are at the "good
life" level.
"Living the good life means living in the place you belong, with the people
you love, doing work that benefits others," said Richard Leider, life coach
and executive educator. "Given that people today are living longer,
planning for the purpose that they will want to achieve later in life is
essential."
