Senior Living - How Baby Boomers Will Change Retirement

By Stacey E. Crevoiserat

 

When people think of retirement, they typically think of older adults who enjoy exotic drinks on the beach, long days of golf, and reading books on sunny Wednesday afternoons in the backyard. Well not anymore! As they reach the typical point of retreatment, it seems they aren't really retiring at all! Baby boomers are changing the face of retirement as we know it!

But Why?

It seems that compared to their parents, boomers are healthier, better educated and living longer! And in turn, want to stay active and... working! 76% of baby boomers plan to continue to work after retiring around the age of 64. In fact, many actually move into a new job or launch an entirely new career! The typical retirement age is still set at 65, but the average life expectancy is actually much longer than that and lengthening all the time. As a result, boomers intend to work, play, and live young!

It's Not about the Money!

While some do admit to feeling like they have to continue working for the income, the majority of them honestly don't. The primary reason they wish to keep working continues to be for mental stimulation. In fact, out of the 76% of boomers who plan to keep working, 67% of them plan to do so for the mental benefits and motivation they get out of it. Since it's not about the money, many volunteer their services. Doctors retire and in turn become volunteer physicians so they can continue to stay sharp and on their toes while being free to enjoy time off. Only 17% of boomers said they hoped to never have to work again.

What Does This Mean For Employers?

Well, basically there will be a bit of a shuffle as more and more baby boomers change their path with age. Those who have worked a long and dedicated career for a specific company will most likely retire from that career. Companies who have several baby boomer employees may find themselves having to suddenly fill many important open desks. And while most will probably celebrate their retirement with vacations, leisure games of golf, and time with their spouse, children and grandchildren; they won't be home in their rockers for long! They will return to new jobs and careers, but usually something less stressful or labor intense. Since most wish to cycle periods of work and play, they will be looking for jobs allowing them the freedom to easily do so. Only 16% wish to seek part time employment, while amazingly enough, 13% would like to start up their own business!

So, why are Baby Boomers So Interested In Staying Active?

There are actually a few reasons. One being that they still feel young! They feel too young to just be sitting at home- they don't want to be bored, they want to be pushed, challenged, and inspired. Another reason being that while they don't necessarily NEED the money, it does offer them security in the event of illness. Believe it or not, when it comes to the list of concerns of boomers, death is relatively low on the list. Retired seniors today are three times more worried about their ability to pay for healthcare. Staying active keeps them healthy, gives them a little extra money in the event they do fall ill, and often their second career path may give them the benefit of company paid healthcare!

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