Why Baby Boomers Are Waiting So Long to Retire
The youngest of the Baby Boom generation (born between 1946 and 1964) is turning 51 in 2015 Many are dreaming of retiring but won’t do so until they’re 66 or even older.
According to Gallop reports 1 in 10 say they’ll never retire. While some would speculate that a troubled economy and increased financial responsibility are the primary cause of this rise in delayed retirement, there are several other reasons why Baby Boomers are staying in the workforce past the typical retirement age.
In the last installment of our three-part series, we take a closer look at what makes Baby Boomers tick and why they’re staying in the workforce for so long.
The Uncertainty of Financial Preparedness — When the economy took a nosedive in 2008 and 2009, Boomers who had retirement in their sights put their plans on hold. They became worried about economic uncertainty, and a large percentage realized they hadn’t planed as well for their retirement years as necessary.
The Impact of Health Care and Insurance Issues — According to reports, health care costs are one of the primary retirement concerns among Baby Boomers. Many believe that the Affordable Care Act will drain the U.S. economy and leave them with fewer and less comprehensive choices for care. Many of these individuals also worry about their lack of understanding regarding Medicare and the benefits that they will be entitled to under that plan.
A Desire For Mental Sharpness — With Alzheimer’s and other neurological disorders increasingly plaguing the older population, many Baby Boomers put off retirement because of the desire to keep their minds active. Going to work on a regular basis and completing projects gives them a sense of purpose and keeps them mentally alert. Some boomers that do retire start freelance or part-time work. Some take on this work because of financial necessity while others do it for pure enjoyment.
In our next series, we’ll look at recruiting strategies for identifying and securing top sales and sales leadership talent for risk management and decision analytics service providers.
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