Apart from being world famous American citizens, Reggie, Dolly and Bill were all born in the same year, 1946. Not only did it signal the end of World War II, it signalled the beginning of a baby boom in the USA, Canada, Australia, and many other countries.

The boom lasted until 1964, resulting in 78 million Baby Boomers in the USA alone. And Reggie, Dolly and Bill are all entitled to collect early Social Security benefits this year as they turn 62 years old, with profound implications for the American economy, and ours.

The impending retirement of Baby Boomers brings predictions of economic collapse among some analysts, and expressions of delight from others. Some analysts expect Social Security to collapse as claims quickly outstrip assets, taking the American economy (and ours) with it.

On the other hand, some market watchers are anticipating a huge transfer of capital as Baby Boomers convert their life-savings to travel, leisure, and health-related spending, thus stimulating the economy.

Within these two extreme positions live millions of people in the Baby Boomer generation, and in spite of being described as the healthiest, wealthiest, and best educated generation in the history of mankind, many are worried about the future-and justifiably so.

Without having to read the myriads of research reports that are available on this massive demographic shift, we know that our society is undergoing rapid change. In addition to the impending retirement of this huge population bulge called Baby Boomers, we are all experiencing the intersection of several major social and economic forces.

First, our population is ageing rapidly. Second, modern medicine is keeping us alive longer and, unfortunately, very often sicker. This results in strain on families and the health care profession to meet the demand for care.

Third, we are having smaller families that are more isolated from extended family support, thus putting more stress on fewer people. Fourth, Bermuda is competing in a global talent shortage at a time when the falling US Dollar makes us less attractive as a destination for the guest worker. Fifth, public education is in disarray, and not just in Bermuda.

Finally, the price of oil is driving up the cost of food and daily living at an alarming rate, quickly reducing the best laid financial plans to potential ruin.

What does all this mean for Baby Boomers who are planning their retirement? It means that the traditional retirement is a concept firmly rooted in the last century. Just like the old mobile telephone that I used to plug into the cigarette lighter in my car back in the 1990s, retirement at 65 is outdated.

Not only does the worker need to re-think retirement, but employers need to re-think the loss of their experienced and skilled workers. Fortunately, this message is being heard in Bermuda and people are acting upon it.

Just recently, a woman told me how she had retired from a senior position and was looking forward to working in her garden. Then she got a phone call. Her employer couldn't find anyone to replace her, and could she please come back on a part-time basis?

Her garden can wait, she said, while she enjoys being a much-valued employee and beefing up her retirement fund. And a gentleman just told me that after being retired for five years from a senior management position, he is back at work and enjoying the social and mental stimulation that being in the workplace brings, as well as the income.

Reggie Jackson has re-invented himself. As a Hall of Fame baseball player he is now an entrepreneur and philanthropist.

Dolly Parton is still singing and performing along with the best of them-and she's kept her famous figure!

Bill Clinton is working his heart out to help his wife Hillary become the next president of the USA. Love them or leave them, these Baby Boomers are not interested in following any outdated mode of retirement.

By example, they are showing us that work is a privilege. A paycheck is a bonus. The improved health that comes with mental and social stimulation is a gift. And each person's contribution to the economy and society is priceless.

Marian Sherratt is Executive Director, Bermuda Council on Ageing. She writes on issues concerning our ageing population each month in The Royal Gazette. Send e-mail responses to info(at)bdaca.org