Baby Boomers are becoming aware that they are experiencing a different type of retirement than the previous generation.
Most Baby Boomers (the cohort of Americans born between 1946 and 1964) believe that they will still be working during their retirement years. The oldest, born in 1946, will reach 62 in 2008 as they begin retirement age over the next 20 years.
A greater percentage of those over 55 are working today than a year ago. In part, because older workers are prized for their corporate experience, personal relationships and stability.
The elderly are also beating out unskilled youths for many of the lower-wage service jobs. The 55-and-over workforce has topped 21 million. Eight in ten of Baby Boomers say they plan to work at least part-time--and others envision starting their own business or working full-time at a new job or career--according to an AARP Segmentation Analysis: Baby Boomers Envision Their Retirement.
This "phased retirement" of Baby Boomers will shape the American workplace and compensate for a severe talent gap due to a shrinking supply of new workforce entrants. Phased retirement allows Baby Boomers to devote more free time to community service/volunteer activities and their grandparent role by living near at least one of their children.
There has been a dramatic change, since the mid-1980s, in the labor force participation of older workers. In 2000, about 69 percent of men ages 53 to 61 were working according to a University of Michigan Institute for Social Research Health and Retirement Study that surveys more than 22,000 Americans over the age of 50 every two years. "Job demands are a factor in early retirement," says David Weir, associate director of the study, "and these kinds of changes in job characteristics bode well for keeping older Americans working longer. The physical demands of their jobs may not push people out as much as in the recent past."
In the 65-to-69 age group, about one-third of men and almost one-fourth of women were working in 2004. The percentage of men in that age group still working rose to 33 percent in 2004 from 27 percent in 1994; the percentage of women in that age group working rose to 23 percent from 18 percent. According to AARP, almost one in three workers will be 50 or older within five years.
For more information on Baby Boomer retirement, go to:
http://home.att.net/~coachthee/Archives/babyboomerstoday.html
John G. Agno
Certified Executive & Business Coach