Working Caregiver- Retirement
Aging Adults in the Workforce Counted Down Until Age 62
Will Baby Boomers Retire?
Not too long ago, aging adults in the workforce counted down until age 62, the milestone age when they would be eligible to apply for Social Security benefits to support their retirement. Some might keep working until the standard retirement age of 65, but few would maintain full-time careers afterwards, choosing instead to live out the retirement they always dreamed of, or at least those dreams that were consistent with their bank account. But this aging structure that we've long since become familiar with, just might change with the baby boomer generation which is entering that milestone age range.
Boomers have been considered a unique generation - a demographic of real "go-getters" who pride themselves on their ability to multi-task, and hold the belief that without them the workforce and general social community would be a very different place. So, boomers alone might choose to remain in their careers longer to accomplish their workplace goals and maintain that sense of purpose. There are other factors, however, that could influence the decision of the 32% of baby boomers who believe that they will not retire until age 66 or older (according to a survey conducted by the Metlife Mature Market Institute). The most obvious factor is the state of the economy, with 2.9 million people of the generation celebrating their 62nd birthday this year; a number that will only continue to grow as the rest of the baby boomers continue to age. Boomers just might not be able to afford to retire during their early to mid-60s, at least not if they want be able to have a comfortable retirement.
Another factor that might keep the baby boomers working past the possible retirement age, is the big gap in the workforce that would be created by a mass exodus of the demographic from the various industry where they've had careers. To make up for this loss of such an efficient generation, workplaces might try to encourage boomers to postpone retirement with incentives such as additional benefits and increased salaries. With these options out on the table, some boomers may choose to keep on working full-time later than they initially planned, and others may adopt a part-time work structure.
The baby boomer generation will retire eventually indefinitely, but with the potential to live longer, many may not feel the same need to retire as soon as they are able, and a number of other factors might just keep people working longer into their senior years.
Via: Insurance News Net
