Compelled by the dilemma facing millions of Baby Boomers who have seen their investments and retirement plans battered by the bear market and recession, independent financial professionals Gary Brooks and Allyn Hughes said they started calling this group the “ReDesigners.”
According to a news release, the two define ReDesigners as Baby Boomers who, prior to 2008, thought they were doing all the right things to pursue a satisfying, financially secure retirement. ReDesigners contributed to retirement accounts, lived within their means, and looked forward to a certain lifestyle in retirement. Now, as a result of losses from the bear market of 2008 to 2009, those in that group have lost confidence in their ability to retire when they want to. “They must redesign their retirement planning and investments to align their money with their life goals and values,” the release said.
Brooks and Hughes are co-founders of Financial Life Design, an independent firm based in Tacoma, Washington. They work with clients throughout the U.S. They created a financial consulting service that specifically addresses the needs of ReDesigners.
Brooks and Hughes have also written a “consumer-friendly” paper and Web site with resources to help ReDesigners. The paper, “Financial Life ReDesign—A Baby Boomer’s Guide to Reclaiming Financial Security After the Crash,” looks into the challenges and opportunities presented to the Baby Boomers.
The paper can be downloaded here.
The FinancialLifeReDesign.com web site also features personas of ReDesigners who are facing different personal and financial situations and want to redesign their financial lives.
“We wrote this paper and built the accompanying web site to help people put their situation in perspective, understand their opportunity to redesign their financial lives and, most importantly, take action based on an informed plan,” said Hughes.