This blog is dedicated to the first wave of Baby Boomers (born 1946 – 1964) who will turn 70 years old in 2016. Are you ready for them?
Much has been written about the importance of organizations getting ready for the Boomers to retire – such as my recent blog. But are you ready in other ways?
The Baby Boomers represent what will be the healthiest and wealthiest retirement generation that America has ever seen. You need to be prepared for them as:
*Volunteers & Board Members. Once they retire, most Boomers will still be quite healthy and they are altruistic. They can be exceptional volunteers and Board members. But, you need to prepare the right kinds of volunteer opportunities for them. Most Boomer retirees I talk with want to be given volunteer work of real substance. These are not people who want to stuff envelopes. You need to consider how they may serve your nonprofit as “quasi-staff” so you can tap into their talent and experience.
*Donors. Nonprofits have the opportunity to develop real relationships with Boomers. They will be less interested in just writing a check. Let them get close to what you do, involve them, and take a long term approach to their philanthropy. They will live for many years beyond retirement and your nonprofit could be their favorite new cause. But you need to tailor your approach to them and their lifestyle.
*Service Recipients. For the Boomers who are well off and healthy, nonprofits can look at creating special “fee for service” programs for Boomers – especially in the areas of the arts, education, and health. Special exercise programs for Boomers are popping up in many places, for example. For those who are not so healthy or well off, nonprofits can expect a surge in service needs in a variety of areas from hunger to addiction to transportation to health care.
Get ready for the Boomers! There are a lot of them. Their birth year will peak in 1957, so we have years to go until the largest cohort reaches 70. The aging of this generation represents opportunity and challenge for making even more of a Mission Impact.
