{"id":4361,"date":"2018-01-19T21:18:42","date_gmt":"2018-01-19T21:18:42","guid":{"rendered":"https:\/\/genhq.com\/?p=4361"},"modified":"2022-07-23T09:41:13","modified_gmt":"2022-07-23T09:41:13","slug":"baby-boomers-changing-face-retirement","status":"publish","type":"post","link":"https:\/\/genhq.com\/baby-boomers-changing-face-retirement\/","title":{"rendered":"Baby Boomers are Changing the Face of Retirement"},"content":{"rendered":"<p>Many Baby Boomers are finding themselves unprepared as they aim headfirst for their retirement years. In fact, many aren\u2019t even retiring at all, which brings a whole set of new challenges for this generation.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-4362\" src=\"https:\/\/genhq.com\/wp-content\/uploads\/2018\/01\/BBNRFR.gif\" alt=\"\" width=\"870\" height=\"500\" \/><\/p>\n<p><strong>Just how many Boomers are still working?<\/strong><\/p>\n<p>As reported in a recent <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-07-10\/working-past-70-americans-can-t-seem-to-retire\" target=\"_blank\" rel=\"noopener noreferrer\">article on Bloomberg<\/a><\/span>, almost 19% of people 65 or older were working at least part-time in the second quarter of 2017. The age group\u2019s employment-to-population ratio hasn\u2019t been higher in 55 years, before better healthcare and Social Security benefits starting in the late 1960s.<\/p>\n<p>In fact, 32% of Americans 65 to 69 surveyed were still working. Even past age 70, a growing number of seniors are declining to, or unable to, retire. According to the study, 19% of 70- to 74-year-olds were working, up from 11% in 1994.<\/p>\n<p><strong>Why are Baby Boomers staying in the workforce?<\/strong><\/p>\n<p>Baby Boomers are staying in the workforce for two key reasons:<\/p>\n<ul>\n<li>They are healthier and living longer than previous generations.<\/li>\n<li>They need the money. Healthcare and general costs of living have skyrocketed, while wages have mostly remained stagnant. Continuing to work is the only way for many to get by.<\/li>\n<\/ul>\n<p>Even after they\u2019ve officially \u201cretired,\u201d many Boomers still plan to work a little bit. According to a survey by the Employee Benefit Research Institute, or EBRI, 79 % of U.S. workers expect to supplement their retirement income by working for pay. This can be part-time work, self-employment, or even consulting.<\/p>\n<p>However, there\u2019s a portion of the Boomer population that is having trouble finding work in their later years. For those who were forced to retire sooner than they\u2019d planned (a full 61% of all retirees) due to health problems, finding quality work can be difficult. And though age discrimination is illegal, many employers still favor younger applicants.<\/p>\n<p><strong>Unprepared for retirement<\/strong><\/p>\n<p><span style=\"text-decoration: underline;\"><a href=\"http:\/\/3pur2814p18t46fuop22hvvu.wpengine.netdna-cdn.com\/wp-content\/uploads\/2016\/01\/White-Paper-Will-Millennials-Ever-Be-Able-to-Retire-c-Insured-Retirement-Institute-The-Center-for-Generational-Kinetics.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Much research has been done<\/a> <\/span>here at the Center to show just how unprepared Millennials may be for retirement, but many Boomers are right there with them. According to <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.gobankingrates.com\/retirement\/planning\/why-americans-will-retire-broke\/\" target=\"_blank\" rel=\"noopener noreferrer\">a GoBankingRates study<\/a><\/span>, 39% of the surveyed respondents age 55-64 claimed to have no retirement savings at all. An additional 14% reported less than $50,000 saved for retirement, showing that 64% of the older Americans in this survey lacked sufficient retirement funds.<\/p>\n<p><em>Do have a generational challenge with sales, marketing, strategy, or employment that you want solved? Contact us. Our talent is driving measurable results across generations.\u00a0<\/em><span style=\"text-decoration: underline;\"><a href=\"mailto:Info@GenHQ.com?subject=I%27d%20like%20a%20little%20info%20on%20generational%20speaking%20and%20research\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Email us here<\/em><\/a><em>\u00a0<\/em><\/span><em>if you\u2019d like a little info on our customized generational speaking, research, and consulting. <\/em><\/p>\n<p><strong><em>Interested in more cool stats, facts, and insights for bridging generations? Follow us on @GenHQ and @JasonDorsey. We are passionate about sharing our latest generational discoveries.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many Baby Boomers are finding themselves unprepared as they aim headfirst for their retirement years. In fact, many aren\u2019t even retiring at all, which brings a whole set of new challenges for this generation. Just how many Boomers are still working? As reported in a recent article on Bloomberg, almost 19% of people 65 or [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":4362,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17,20],"tags":[],"class_list":["post-4361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-baby-boomers","category-workplace-and-leadership"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Baby Boomers are Changing the Face of Retirement - The Center For Generational Kinetics<\/title>\n<meta name=\"description\" content=\"32% of Americans 65 to 69 surveyed were still working. 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