We live in the midst of a first-time-in-history demographic revolution that’s redefining many things we’ve come to take for granted: home, work, investment, status, leisure, entertainment, family, old age, retirement, seniors’ housing... and the list goes on. Ingrained stereotypes, misconceptions, values and beliefs—carry-overs from the last two centuries—may lessen awareness of new individual opportunities triggered by this unique time. As we move on in the twenty-first century, too many individuals and couples may be unconsciously restricting their choices and limiting future success because their thinking and decision making is stuck in the past.

Canada’s Age Wave—a collective term for the population bulge of almost 10 million Baby Boomers—continues to wash over society’s norms and traditions, transforming or obliterating them as it passes and leaving something new, but not always better, in place. Significant changes to many aspects of life have been driven by a combination of the sheer numbers of Boomers and by their learned determination to have life their way. This has happened for everything from education to the stock market and real estate. Now, retirement is under revision.

The first waves of Boomers (Canadians born between 1947 and 1966) stand on the edge of what retirement was and they now want to redefine "retirement" on their terms. Their preview of the future involves helping parents and grandparents achieve more and stopping them from settling for less, especially when it comes to housing. Boomers are learning from their parents’ successes and mistakes that there’s more to life after 65 than there has ever been before. But there is still much Boomers don't realize or know about the potential for their decades-long extended lives. Fresh forward thinking must accompany "unlearning" to achieve the greatest future gains.

Boomers can’t take all the credit for retirement’s transformation. Their parents and grandparents have stubbornly made inroads with healthcare, finance and other industries that define our lives. The pioneers of this new retirement are raising the bar for their children and grandchildren. This process will accelerate as more and more of the Boomer Wave hits “retirement.” Among the most significant changes and improvements will be those related to where we live as we age and to the new roles real estate will play in our lives.

Retirement was never considered fun, in fact, it has been the hated and feared end to productive adult life. Typically, no one wanted to think about retirement, never mind plan for it. After retirement, people averaged a quiet handful of years on the edge of society then died. Although we have moved into the twenty-first century, that antiquated view of the future persists. Ask people who live with that definition, if they want to retire and they’ll probably say, as one successful 65+ businessman did: "I’m afraid of doing nothing, so I don’t want to retire. I’d like to just keep doing what I enjoy."

What he and others don’t realize is that this is how the new retirement is different. Instead of getting out of the way and fading into the background, for the first time people now demand and expect to live the second half of life with enjoyable productivity. Many may enjoy it more than the first half because they have the time, resources, connections and expertise that was missing when they started adult life.

But this new extension of life is something that some don’t know what to do with. Others are unsure if they are following "the rules" or achieving what’s expected of them. Since this is history’s first time through with so many relatively healthy, well-educated, electronically-interconnected, financially-settled individuals, there are no rules or traditions to follow. Each of us is now rule-maker for our own life! How many of us will decide to live Rule Free, Age Free?

With 25, 30 or more active, involved years ahead at age 65, there’s time to accomplish almost anything. The economic meltdown cannot change this reality and it may even support the extended-living aspects of this new individualized, collaborative future. Technological trends, emerging social patterns and community evolutions will also determine where and how individual futures will unfold. Real estate will play significant supportive and strategic roles, particularly as stereotypes and misconceptions are shed.

Since no one’s ever done "it" before, there are no rules. Since no one’s ever experienced "it" before, there’s no one to follow. Keep these truths in mind when you hear the word "retirement" and you’ll find the freedom and resourcefulness to create your own uniquely satisfying future in unretirement—extended living at its best.