TIME Careers & Workplace

These Are the Terrible Mistakes You’re Making in Your Job Search

resume
Getty Images

These common pitfalls can sink your hunt

Job seekers are feeling more confident about the economy and about their prospects, and more of them—especially young adults—report that they’re keeping an eye out for new employment opportunities even if they already have a decent job.

In a new survey, recruiting software company Jobvite finds that 45% of job seekers are satisfied with their current job, but open to jumping ship — and half of currently employed people looking for work characterize their current job as a “stepping stone” or “entry level,” a figure which jumps to more than 70% of job-seekers under the age of 30.

Here’s the rub: These people might not have as much success as they imagine if they engage in some of the behaviors Jobvite’s survey highlights.

Today’s job hunters treat the pursuit of career advancement almost the same way as they would buying something on Amazon, says Jobvite CEO Dan Finnigan.

“It’s almost like purchasing a product online, where the one-click shopping experience is now the norm,” he says. This attitude is especially prevalent among job-seekers under 30, he says. “As millennials especially are working longer hours and leading busier lives, they’re not wasting any time missing out on competitive positions… the tech-savviest ones are leveraging mobile to job hunt when the have the time.”

In addition to the nearly half of job-seekers who say they’ve looked for work in bed, 21% who job-hunt during meetings and the nearly 20% who use bathroom breaks to find a job, almost 10% say they’ve searched for work while out at a bar.

Although searching for jobs on a smartphone makes it easier to check out the options and apply for work anytime and anywhere, happy-hour job-hunting isn’t without risks, Finnigan says. “[It] could put you in a position where you’re more prone to making a careless spelling error or forget a detail in your contact information,” he says. “It’s important to devote full attention during this process of the job search,” a task that’s harder after you’ve had a couple of drinks.

Jobvite also finds that the use of social networks to score job leads is rising. Aside from Facebook, Twitter and LinkedIn, more people looking for work are hitting up Pinterest, Instagram and even Snapchat.

Again, while more avenues should mean a faster route to employment, job-seekers could create roadblocks for themselves if they’re not careful. “Any time you’re interacting with a company on social media, being professional, intelligent and careful is essential,” Finnigan says. While most professionals today treat LinkedIn as an extension of their “work self,” it might take a mental transition to think that way about a more freewheeling site like Snapchat.

And the temptation to exaggerate on social media spills over into people’s employment-related postings. Jobvite finds that 31% percent of job seekers inflate their skills on Twitter, and more than a quarter fabricate references on Facebook.

“People have been inflating and overstating their skills on their resumes for years, so it’s not too surprising — but it’s still a bad idea,” Finnigan says. “In today’s information-heavy age, this practice is even more risky,” he points out. With so much of our lives online today, it’s easier for people — such as hiring managers — to ferret out a fib.

MONEY Careers

The Stock Market Is No Place for Millennials

150212_INV_MILLENSTOCKMRKT
Roberto Westbrook—Getty Images

Investing in yourself, not the S&P 500, often makes more sense for young adults.

When most people think of investing, they think of the stock market. But that is rarely the best place for young professionals to invest their hard-earned money. Instead, they need to be investing in themselves.

You’ve undoubtedly heard that it’s important to start investing early for retirement. Whoever tells you that will most likely mention the concept of compound returns, as well.

Compound returns are great. Heck, it’s widely repeated that compound interest is the eighth wonder of the world. But I’m not sold on the stock market strategy for twentysomethings with limited cash flow.

Most recent graduates come out of school filled with theoretical knowledge about their major. Although this knowledge can be useful at times, it is often a challenge to apply it to real-world situations. It’s kind of like dudes with “beach muscles”: They hit the gym hard every day so they can look great on the beach. If they ever get into an altercation and actually have to use their strength, though, they fail miserably. That’s because they have no practical experience.

The same goes for theoretical knowledge in the real world.

We never learn about life in college. We don’t learn how to make or manage our money. We are not taught how to communicate effectively or be a leader. And we certainly do not get trained on how to create happiness and love in our lives. These are the valuable things we need to learn, yet we get thrown out into the world to fend for ourselves. So we have to take it upon ourselves to learn and grow organically after college.

The good news is there are plenty of programs, courses, and seminars that actually teach this stuff. But they cost money.

It’s this type of education that I am referring to when I say that young professionals need to invest in themselves. The notion that the stock market will set you free (in retirement) is only half right. It does not take into account myriad possibilities, one of which is that investing in yourself early in your career may be a better choice.

Let’s assume that you start out making $50,000 a year and indeed have a choice. Here are two simplified scenarios:

Option 1: You invest in a taxable investment account every year from the age of 25 to 50, starting with $5,000, or 10% of your first-year salary. Both your salary and your yearly retirement contribution grow 3% annually throughout your career. In year five, you’ll be making nearly $58,000 annually, and you’ll be putting $5,800 away toward your retirement. And assuming the investment vehicle has a 7% compound annual growth rate, you’ll have $350,836, after taxes, in 25 years.

Option 2: You take that initial $5,000 and invest in yourself every year for five years. You choose to attend various training programs covering the areas of leadership, communication, and other practical skills that you can put to use immediately. You gain life knowledge, allowing you to perform better and maybe even connect with a career about which you are passionate. As such, your income increases by 50% over five years — to $75,000 — rather than simply inching up by 3% per year to $58,000. Then, in year five, you start contributing about $17,000 per year to your retirement ($5,800 plus all the extra money you’re earning, after taxes). Projecting forward 20 years using the same rates for contribution growth and investment returns as in Option 1, you’d end up with $829,635 after tax.

After playing out both scenarios above, we can see that Option 2 leaves you with $479,000 more than Option 1 does.

Certainly, I have made a few assumptions — one of which is that you invest all your extra earnings in Option 2 rather than raise your standard of living. And there is no guarantee that by investing in ourselves, we will increase our income. However, this same argument can be made for investing in the stock market. The difference is that by investing in ourselves, we maintain control over that investment. It’s up to us to learn necessary life skills to excel at whatever we choose as a career or life mission.

On the other hand, when we hand over our money to the stock market, we give away that control, basing all results on historical averages. I’m a big proponent on focusing on what we can control. And, as young professionals, our biggest asset is our human capital, or our ability to earn income. Why not focus here first, and save the investing for tomorrow, when our cash flow is at a much healthier level?

———-

Eric Roberge, CFP, is the founder of Beyond Your Hammock, where he works virtually with professionals in their 20s and 30s, helping them use money as a tool to live a life they love. Through personalized coaching, Eric helps clients organize their finances, set goals, and invest for the future.

TIME Opinion

What Kayla Mueller’s Life Reveals About Her Generation

Kayla Mueller after speaking to a group in Prescott, Ariz. on May 30, 2013.
Matt Hinshaw—AP Kayla Mueller after speaking to a group in Prescott, Ariz. on May 30, 2013.

Charlotte Alter covers women, culture, politics and breaking news for TIME in New York City.

And why she should be a role model for millennials

These days, it seems like every millennial is trying to be a role model, whether it’s by designing a multi-billion-dollar app or recording a blockbuster album or creating a critically-acclaimed TV show. Everyone wants to be the influencer, the one who inspires people how to act and how to be.

Kayla Mueller didn’t care about any of that–all she wanted to do was end suffering.

Mueller, the 26-year-old aid worker from Arizona who had been held hostage by the Islamic State of Iraq and Greater Syria (ISIS) since 2013, and whose death was confirmed by the White House Feb 10, lived the antithesis to the hyper-performative brand management practiced by other people her age. She did not want to to be seen helping people: she wanted to help people. She’s the role model we really need.

If we’re looking for tips on how to act and how to be, Mueller’s newly released letter home to her family is a better textbook than any quirky essay collection by a 28-year old or professional memoir. It reveals that Mueller represented the best qualities of the millennial generation–our idealism, our optimism, and our love of our families–without the troublesome ones.

Millennials are generally thought to be more socially aware and idealistic than their parents. And they are increasingly demonstrating their idealism through hashtag activism, socially responsible investing, and mobile charity donation (crowdfunding site Fundly said in 2013 that 58% of its users were 34 or younger.)

But that wasn’t enough for Mueller–she wanted to get her hands dirty, first by demonstrating on campus, then by living in the Palestinian territories (sleeping in front of homes threatened by Israeli bulldozers, and escorting children to school) and finally going to Turkey to provide support to Syrian refugees. “I will always seek God,” she wrote in a letter to her family in 2011, before she was kidnapped on her way to a bus station in Syria. “Some people find God in church. Some people find God in nature. Some people find God in love; I find God in suffering. I’ve known for some time what my life’s work is, using my hands as tools to relieve suffering.”

We’re also known as an optimistic generation, but much of the research on our sunny attitude has been done in the context of financial sluggishness–53% of millennials think they don’t earn enough money now, but will in the future, and three out of four believe they’ll achieve their professional goals. Mueller took that optimism to the next level. Even when she was being held captive by a brutal terrorist group she still managed to hope for the best.

“I have been shown in darkness, light + have learned that even in prison, one can be free. I am grateful,” she wrote. “I have come to see that there is good in every situation, sometimes we just have to look for it.”

Those of us who are pouty about our dead-end internships should take note.

Millennials are known to be closer with their parents than previous generations were– over half of us consider one of our parents our best friend. But Mueller’s devotion to her family was so profound that the thought of their pain eclipsed her own suffering. “If you could say I have ‘suffered’ at all throughout this whole experience it is only in knowing how much suffering I have put you all through; I will never ask you to forgive me as I do not deserve forgiveness,” she wrote.

It’s not just that Mueller exemplified the best qualities of her generation–she also repudiated the bad ones. The stereotype of the “whiny” millennial could never apply to her. Because perhaps what’s most striking about Mueller’s letter is the lack of complaining, the omission of any information that might have pained her family to hear. “Please know that I am in a safe location, completely unharmed + healthy (put on weight in fact),” she wrote. “I have been treated w/ the utmost respect + kindness.” While it’s possible that this is true in Mueller’s case–another hostage told the New York Times he believed the female captives were treated relatively well– it’s also possible that she concealed elements of her captivity to spare her family pain. Unnamed US officials even suggested to ABC News that Mueller may have been “given” as a bride to an ISIS commander, which is consistent with the terrorist group’s history of rape and forced marriages with female captives.

So if millennials are looking for role models, we can look past Taylor Swift and Mark Zuckerberg. Kayla Mueller–who never courted the limelight–represents the best in all of us. I look up to her.

TIME Ideas hosts the world's leading voices, providing commentary and expertise on the most compelling events in news, society, and culture. We welcome outside contributions. To submit a piece, email ideas@time.com.

MONEY retirement income

Forget About Retirement Planning for Millennials

piggy bank with locks for earrings
YAY Media AS—Alamy

The goal of achieving financial independence is more appealing than the idea of saving for a retirement that's decades away.

When it comes to millennials and money, many financial planners are focusing on the wrong issue.

The retirement advice most financial professionals provide was designed for Baby Boomers. Gen Y’s situation, however, looks nothing like this 30-year-old norm.

Few members of Gen Y get excited about the idea of working for the next 40 to 50 years, doing all the heavy lifting when it comes to ensuring they’ll have enough savings for the future, and then retiring to a life of no work and no purpose shortly before expiring.

Yet traditional retirement planning asks people to do just that. This doesn’t make sense for millennials — but that doesn’t mean they should throw their financial security to the wind and have no plan at all, either.

Instead, we planners should shift the focus from the nebulous concept of “retirement” to something concrete and accessible. It should be something that millennials can take real action to achieve in the short-term, not something that won’t matter for 40 years.

We should focus on preparing Gen Y for financial independence.

What Is Financial Independence?

Financial independence refers to a situation where an individual can generate enough income to pay all expenses for the rest of his or her life. Typically, that refers to passive income that comes from savings and investments, but it might also come from a side business, real estate assets, or royalties from past work.

Financial independence frees individuals from the obligation to work a particular job in order to secure a specific paycheck. It’s possible when you’re in your 20s to start building the income streams that will meet your needs for life and help you reach independence. Creating a side job that earns $500 a month today could build to provide $1,000 a month in a few years and $2,000 a month in five or 10 years.

Don’t believe it? You must not get around the blogosphere much.

Financial bloggers — not advisers or planners — have been championing this concept for years. The idea of financial independence is gaining traction thanks to bloggers popularizing it — and succeeding at it themselves.

One example: Mr. Money Mustache, a financial blog run by a man who reached financial independence in his 30s. By investing 50% to 75% of his income during his working career in his 20s and early 30s, he reached financial independence before 40.

Other bloggers have reached financial independence by building and selling a business or investing in multiple real estate properties that generate monthly income.

But the most popular way is probably the most accessible: save huge percentages of income. Bloggers, even the ones not as Internet-famous as Mr. Money Mustache, frequently report saving anywhere between 30% and 70% or more of their income. The majority of this group then invests that money in inexpensive, passively-managed index funds.

They don’t need $1 million to $3 million in the bank when they’re 63 years old. Instead, they may need to reach an investment goal of $250,000 or $500,000 in assets before they can start withdrawing 3-4%, because along with other income streams this is enough to cover their expenses each year for life.

Why Financial Independence Is the Financial Planning Answer for Gen Y

Financial independence makes sense for Gen Y because it’s more realistic, and it’s something that people don’t have to wait until they’re 60 or 70 years old to achieve.

Building income streams allows individuals to achieve financial independence within years, if those income streams are sound and stable. Even working toward financial independence via saving and investing can be accomplished in a fraction of the time it normally takes people to achieve retirement goals. Invest 50% of your income, for example, and you’ll reach financial independence in 17 years; save 75% and you’ll be there in 7 years.

And financial independence allows you to experience the kind of freedom that “retirement” does not. Free from the obligation of working a job because it’s necessary to pay bills allows financially independent people to explore new work, projects, businesses, and opportunities. It enables individuals to try new hobbies or go new places that old age and ill health may eliminate in traditional retirement after a decades-long working career.

We shouldn’t focus on traditional retirement planning for millennials. Instead, let’s give them the tools and knowledge they need to reach financial independence.

———-

Alan Moore, CFP, is the co-founder of the XY Planning Network, where he helps advisers create fee-only financial planning firms that specialize in working with Generation X & Generation Y clients.

MONEY Out of the Red

This Millennial Paid Off $23,375 in Student Loans in Just 10 Months

Jordan Arnold

"If you have a game plan, you can accomplish your goals," says 22-year-old Jordan Arnold.

Like many millennials, Jordan Arnold graduated from college five figures deep in student debt. Unlike most of his peers, he paid off all of his loans less than a year after graduation.

This is his story, as told to MONEY reporter Kara Brandeisky.

Jordan Arnold, 22
Bluffton, Ind.
Occupation: credit analyst
Initial debt: $23,150
Amount left: $0
When he started paying it down: May 2013
When he became debt-free: March 2014

How I started building debt

I always knew I was going to go to college, though I figured I’d go to community college for a year or two because it’s cheap. But my parents started talking to me about this private Christian school, Indiana Wesleyan in Marion, Ind. I took a visit, and I really liked it. It’s only like 3,000 students on campus, so it’s a tight-knit community.

Tuition and room and board was about $31,000 a year. And the first year I hadn’t applied for federal student aid, since I didn’t commit to the college until about 10 days before classes started. I got some scholarships and a grant from my church, though. So, ultimately, I owed approximately $9,000 that first year.

Getting to $23,000

I could only borrow up to $5,500 in subsidized loans from the government each year, so I worked to cover the rest so that I didn’t have to take out private loans. I also graduated in three years, which helped.

Still, altogether, I had to take out $15,150 in subsidized federal loans and $2,000 in unsubsidized federal loans. I borrowed another $6,000 from my parents.

My uh-oh moment

In the fall semester of my senior year, I remember being kind of nervous. I knew I had to start paying my debt within six months. It’s stressful, when you don’t have any money. And I heard all these stories about college students who get out of school, they have all this debt, and they can’t find jobs.

Getting my debts paid off was important to me. I didn’t want to get the point where I’d have to be paying student loans for another 10 years. Right now, I’m single. I don’t have any dependents that rely on my income. But I didn’t want to have these loans over my head when I’m trying to feed a family and put a roof over their heads. It’s not just about me, it’s about my future family.

My first step out of the hole

Luckily, I got a job right out of college at an insurance agency (I had majored in finance). I was on salary, and it was pretty good: $36,000 plus bonuses.

I didn’t have to pay my student loans for another four months, but over the summer I decided to go ahead and start making payments before interest began accruing.

I actually moved back in with my parents—which is hard when you have been out on your own. But I didn’t really have a reason to move out. And I was blessed that they actually preferred me to live there because I could help out around the farm they own, baling hay or feeding the horses. Living at my parents’ place for free was a lot better than having to pay $400 or $500 a month for rent.

Kicking it into gear

About four months into my new job, I picked up a second job, delivering for Pizza Hut, to help pay off my debt. I would start work at the insurance agency at 8:30 a.m., change in the bathroom at 4:50 p.m., get to Pizza Hut by 5, deliver pizzas until about 9:30, get home around 10, then shower, eat, and go to bed.

My monthly take-home pay from the insurance company was about $2,200, and I made about $1,000 at Pizza Hut. After gas, car insurance, tithing to my church, entertainment and food, I could put about $2,000 towards my debt every month.

At that rate, I was projected to pay off my debt in May 2014. But I got a $3,000 refund on my taxes, and paid off the rest of my debt with that.

How I celebrated being debt-free

I made my last payment the first of March, then I went to Florida with some friends two weeks later. It was pretty rewarding after a 10-month battle. I had probably worked 65 to 70 hours a week for seven or eight months. It was exhausting, but it was worth it.

What I’d tell someone else in my place

If you have a game plan, you can accomplish your goals. I have an account on Mint.com, that’s where I kept my budget. That’s a big part of it—just seeing your progress and knowing you’re getting closer.

Also, have an emergency fund. While I was paying off that debt, I had a small car accident. I was delivering a pizza, and I hit something in someone’s driveway. It cost me about $760 to fix the car. But I had a $1,000 emergency fund, which was kind of a buffer that I kept because life happens.

Finally, don’t be afraid to move home if you have to. That was a big part of how I got out of debt.

My plan for the future

I quit my Pizza Hut job in April after paying off my debt, and now work at a bank analyzing commercial and agricultural loans, which is more in line with what I wanted to do.

I actually haven’t moved out of my parents’ house yet. Instead I’m saving up for a down payment on a house. I’m putting away 50% of my take-home income for that, and I should have a down payment by mid-summer. I also started investing. I started a Roth IRA, and I plan to max it out this year.

Staying true to myself

Some people have made the argument, ‘Maybe you shouldn’t have paid off the debt so fast because the interest rate is cheaper than what it will be for you to borrow for a home.’

That makes sense in my head, but in my heart, I didn’t want this hanging over me. I want to be responsible with my money and build a strong foundation.

Are you climbing out of debt? Share your story of getting “Out of the Red.”

Check out Money 101 for more resources:

MONEY Autos

Car Ownership Has Peaked—or Maybe It Hasn’t

new cars on the lot
Per-Anders Pettersson—Getty Images

After a strong January for the auto industry, forecasts call for rising car sales in 2015—followed by more increases in the years ahead. So what's this business about already hitting "Peak Car"?

Based on research from the asset management firm Schroders, Quartz recently made the case that “the Western world’s century-old love affair with the automobile is coming to an end.”

By and large, the data indicate that people around the world—young people in particular—are driving less, less interested in owning cars, and even less likely to bother getting driver’s licenses. In light of such statistics, the argument is that America, and perhaps the world as a whole, has reached the marker that’s been dubbed as “Peak Car,” the point at which car sales and ownership and driving in general go no higher.

“Our research illustrates that for the past decade the developed world has shown signs of hitting ‘peak car,’ a plateau or peak in vehicle ownership and usage,” the Schroders study states plainly.

At the same time, however, Automotive News and others point this week to the new IHS report forecasting that global auto sales will hit 88.6 million in 2015, which would mean a 2.4% increase over 2014 and would mark the fifth year in a row of increasing car sales. Not all parts of the world are expected to be buying more vehicles: Despite cheap gas prices, car sales in South America, Russia, and Western Europe are likely to be underwhelming. Yet strong sales are anticipated by IHS in North America and China, bringing about a “slower, not lower” overall rise in the auto market globally.

Car dealership sales in the northeastern U.S. were likely hurt in January due to major snowstorms, and yet just-reported auto sales for the month have been impressive. It’s expected that automakers will post brag-worthy sales increases of 14% or more, compared with the same period a year ago. At such a pace, total sales for the year could reach 17 million.

IHS’s forecast calls for light-vehicle sales of 16.9 million in the U.S. in 2015, and that might be on the low side. “With a strong exit to 2014, and gasoline prices currently plunging, consumers may feel even more positive throughout 2015,” an IHS statement said. And the IHS report calls for higher sales tallies going forward, with predictions of 17.2 million U.S. car sales in 2016 and 17.5 million in 2017. If that last prediction is realized, it would mean a new peak for the nation, which experienced what was then an all-time high of 17.4 million sales in 2000.

In other words, IHS researchers are saying that neither the U.S. nor the world has reached Peak Car, and that from the looks of things we won’t hit that point for years to come. The Economist has also made the case that, despite millennials’ apparent preference for urban living and lack of enthusiasm for driving and car ownership, “it is not clear that declining car ownership among young urbanites will have more than a marginal effect on overall car sales,” and that Peak Car “still seems quite a long way off.”

The researchers at Schroders and IHS can’t both be right. So who is wrong? Well, we should point out that one of Schroders’ graphs illustrates how consumer interest in buying cars has rebounded across all age groups since the Great Recession ended. Also, some of Schroders’ data is dated: The most recent drivers’ license statistics are from 2010, for instance, while the numbers reflecting a rising propensity to buy cars in the U.S. go no further than 2012.

On the other hand, there are compelling, data-driven arguments that millennials will never love automobiles as much as car-crazed Baby Boomers, that the average number of vehicles owned per driver (or household) will never be as high as it once was, and that people all over the world will be out on the roads less year after year thanks partly to smartphones, e-commerce, car sharing, and other technologies. At the same time, it sure looks like auto sales will be on the rise globally and in the U.S. in 2015, and the year after that, and the year after that, and … who knows?

If Google and/or Uber manage to create and perfect a practical driverless taxi in the near future, all bets—and forecasts—could be off.

MONEY Baby Boomers

The Last Boomer Turns 50—but This G-G-Generation Ain’t Done Yet

US musician Lenny Kravitz performs on November 23, 2014 at the Bercy concert hall in Paris.
Francois Guillot—AFP/Getty Images Lenny Kravitz—b. 1964—may have crossed the half-century mark, but he and his young boomer peers aren't done changing the world.

These days it's all about millennials. But boomers will not go quietly.

Nineteen years ago the first baby boomer turned 50, and a barrage of headlines marked the aging of America. As this year began, the last boomer had just turned 50—and few seemed to notice. Could it be that boomers are officially old news?

God knows we’ve spilled barrels of ink chronicling the generation that in its youth simply wanted to turn on, tune in, and drop out. We obsessed over every boomer adult life phase, from the day they finally started trusting people over 30 through the onset of their retirement years. What is left to say?

I’m a boomer. I’ve written two books about boomers. My g-g-generation has changed a lot of rules. We stood for civil rights and sexual liberation and against war, our megaphone amplified by our unprecedented numbers: 78 million strong. Our women went to work outside the home. We decided not to wear ties on Friday. We turned into workaholics who made the office our second residence and pursued the American Dream to the finish.

We’ve been selfish at times, showing the world how to live for today and run up our credit cards in the process. Free spending is part of what gave us influence as marketing companies sought to give us whatever we believed we needed. But a fair chunk of our materialism vanished in the Great Recession, and with age we’re finding that we already have most of the things we really need.

We will continue spending, of course—on meds, cruise trips, and Depends—even if it means taking out a reverse mortgage like ones The Fonz, the eldest of our generation, hawks on daytime TV. Yet leisure travel and pills aren’t economic drivers, not like real estate, infrastructure, and technology. Boomers are stuck on email in a SnapChat world. And the ultimate boomer buzz kill may be that we’ve begun to die. Our numbers have fallen 4% to 75 million, according to U.S. Census estimates.

Meanwhile our coddled, diverse, highly educated, do-gooder, multitasking tech-dweeb children who can’t seem to launch are finding their place at center stage. I can say this. I have three. I love every aspect of what they bring to the world. They are new and fascinating and driven in their own way. These millennials number 80 million, surpassing boomers in a key metric that now makes them prime grist for the marketers’ mill and guarantees sociologists and demographers will analyze and fuss over them for decades.

That’s as it should be. Millennials are the next pig in the python. Their numbers will reshape life phases again as they marry, parent, set up house, pursue careers, and retire. Already their influence has changed the workplace as they value meaning and experience more highly than loyalty and advancement. Millennials are upending the hotel and auto industries, real estate, and more with a sharing economy. I can’t wait to see what comes next.

But let’s not bury the boomers too quickly. For one thing, those past age 55 control 75% of America’s wealth. Well fortified, this generation is not ready to call it a day. Healthcare, which we will spend a fortune on in coming years, is 17% of the economy and one key area where boomers remain agents of change. We may be older but we will pay up to look good and feel good. We may be tech challenged but we’ll buy smart shoes to help us find the way home after the onset of dementia.

We haven’t finished changing retirement yet, either. Like The Fonz, who found an encore career as a pitchman, boomers living to 88 or 92 cannot imagine (or afford) 30 years of leisure. We are only beginning to reshape these last decades of life through phased retirement schemes, late-life careers, and business startups. We are exploring financial products like deferred annuities and 401(k) plan investments that convert to lifetime income so we don’t run out money. Financial institutions are only starting to focus on millennials; to them, boomers remain highly relevant.

Part of this new retirement is also about giving back. Boomers who wanted to change the world as twentysomethings but let life get in the way for three decades are returning to their activist roots and opening new doors in the world of philanthropy through mentoring programs and launching their own nonprofits. With life experience and more connections, and with greater influence, wisdom, and resources, we are finding it easier to make a difference without making the evening news.

Finally, boomers will be heard from one more time on the biggest issue of them all: how we die. Ours will be the first generation to broadly eschew painful life-extending procedures and make the most of palliative care to live better in fewer days, and then die with dignity. Our pursuit of a good death—checking out on our terms and saying no to becoming a burden on loved ones—will have broad implications for the legal system, retirement and estate planning, medical science, and hospitals and eldercare facilities. This is truly the last frontier, and boomers are pushing through the weeds. We may be old news. But we ain’t done yet.

 

TIME cities

Maybe Millennials Don’t Want to Live in Cities After All

Suburban street
Barbara Fischer—Getty Images

Two-thirds want to own a home in the suburbs, study says

The accepted wisdom about millennials is that they shun the suburbs for the cities. They want to be in urban cores next to easily accessible public transportation options that allow them to seamlessly hit up bars, restaurants and any space with wi-fi.

But any blanket statement about a group that’s roughly 80 million strong will have holes, and a new survey appears to run against that common perception. The poll, released Wednesday by the National Association of Home Builders, shows that Americans in their 20s and mid-30s actually would rather settle down in the suburbs than in city centers.

(MORE: Millennials Will Overtake Baby Boomers to Become Biggest Generation)

According to NAHB’s study, 66% of respondents who were born in 1977 or later said they would prefer to buy a home in an outlying suburb or close to a suburb, while only 24% preferred buying a house in a rural area and 10% would rather have a home in the center of a city.

(MORE: Turns Out Millennials Do Want to Own Cars)

Those numbers seem to show that while millennials may love living in urban cores while they’re young and largely childless, they realize that it may be too expensive in the long-term to buy. It also may signal that apartment living is taking its toll as millennials get older. More than 80% said they wanted to live in a home with three or more bedrooms.

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