The Baby Boomers: How We Plan to Live Out our Days
The baby boomers are a unique lot unlike any preceding generation. While earlier generations believed in the idea that senior citizens ought to retire and sit home enjoying their life’s earnings, it is a completely different story for the boomers generation.
Numerous outlooks on social culture have undergone changes due to the distinct character traits of the boomers; as the baby boomers generation has re-ascertained and reformed cultural norms in ways no other generation had ever dared. In the past, we have seen this one-of-a-kind group of people carve a niche for themselves in all walks of life, and there is no doubt they will continue doing so in the future. The world has witnessed the baby boomers creating their own mores and values and being mavericks in carving out creative and trailblazing belief systems. When it comes to the baby boomers generation we should never assume that aging will in any way change that?
Nearing retirement, psychological articles and surveys show that as many as 76 % of the baby boomers plan to stay in the workforce for as long as they can. Contrary to preceding retirement generations, this amazing generation of boomers believe that their ‘retirement’ senior years will be as important and productive as other stages of their lives. But by no means should anyone assume that the baby boomers generation is the die-hard nine-to-five job fans. For the boomers, post retirement can mean volunteering, a second career path, a part time job, a new “paid” hobby, a full throttle launch into the entrepreneurial world of starting a small business, or if they are in the lucky percentage of those who can afford to, using their hard earned money to stimulate the economy by purchasing cars, retirement homes, sports equipment, or embarking on luxurious cruises around the world.
In the US alone, the baby boomers are 78 million strong; thus comprising a significant and influential segment of the working population. If age mandated retirement is enforced, the country will lose a large portion of its work force resulting in heavy burdens on state coffers and retirement benefits.
As psychological articles and research on elderly problems have noted, due to advancements in medical science, the baby boomers generation is expected to have a long life expectancy. This may pose a problem as retirement funds may not sufficiently cover requirements. In addition, the new administration in the US is proposing programs that will lower the rate of retirement benefits. As we age, it is inevitable that we will require additional medical services, and these services may not be readily available to the aging population of the baby boomers generation and if available, the cost may precipitously rise.
This leaves the majority of the aging baby boomers generation with no option but to continue to seek paid employment after “official” retirement. Seventy eight million baby boomers in the US alone with 76% planning to stay in the workforce after “official” retirement. Those are big numbers! Are you amongst the group that plans to work after retirement? Come join other boomers and share your thoughts and strategies.
