As the Baby Boomer generation begins to retire en masse, there is every indication that they will forever re-define the very concept of retirement.

"Retirement isn't what it used to be," explains Niki Rankin, VP of Leadership & Consulting Solutions for Felix. According to Rankin, many people now expect to keep working during retirement - either through volunteering, or taking lower-stress jobs to keep themselves busy, or by launching their own businesses to combine a lifelong passion or hobby with an opportunity to keep making money.

Fully 26 per cent of the US population is made up of Boomers (defined as those born between 1946 and 1964), so the impact on society of this generation has been, and will likely continue to be pivotal.

While many Boomers have been enormously successful in their wealth accumulation years, a good number of them have no intention of slowing down - either because they don't want to, or because they can't afford to.

Longer lives = longer careers

As life spans increase, Canadians and Americans are living longer, healthier lives. It's not surprising that many Boomers turning 60 have no desire to stop working outright. While they may well leave their current full-time jobs, some may never really "stop working" or "settle down."

For some, entrepreneurship is an attractive option. According to a recent study reported in US News & World Report, fully one in four self-employed Americans is a Boomer aged 45 to 54.

For others, moving into part-time or volunteer work is particularly attractive.

Some Boomers may not be able to retire. According to the Pew Research Center, 17 per cent of Boomers admit they won't have enough money to cover basic needs in a conventional retirement. Notwithstanding popular images of "Freedom 55", traditional retirement simply may not be an option for these Boomers.

Lack of savings forcing longer careers

This means that many older employees, if displaced from their current jobs, need to find alternative income sources beyond the point where they may have been expected to retire.

Faced with these new challenges, goals and objectives being expressed by end-career professionals, Felix recognized the need to develop a transition support program specifically designed for people who want to retire "on their own terms."

"Retirement, and what it means to people, has fundamentally changed," says Rankin. "We wanted to offer a program that could meet the unique needs of a diverse segment of society who want and need something different from their retirement."

Because nothing on the market did this very well, Rankin decided to build such a program for Felix.

Felix Horizons™ charts course

The new Horizons™ program for retirement transition support provides a fully customizable, modular support program for retiring employees and their spouses. Retirement, of any kind, is a major life-style change for most people and has a profound impact on spouses, as well as close family members and friends. So, it's important to include spouses in the planning, says Rankin.

Horizons™ involves extensive financial counselling and One to One coaching to help clients decide what type of retirement is best for them, to fully explore their options, to make appropriate decisions reflecting their unique circumstances and then to make a successful and rewarding transition from full-time employment to the next stage of their lives - whether that's another full or part-time job, volunteer role, entrepreneurial opportunity, or a more traditional retirement focused on well-deserved relaxation and recreation.