One of my cousins recently retired from her job of many years. For Baby boomers and the aging workforce this is a milestone to be celebrated. Baby Boomers are a segment of the population who were born between 1946-1964. They currently make up 46% of the workforce according to statistics. About 10,000 baby boomers are retiring daily for a total of approximately 4 million a year.
Although the U.S. Government has eliminated the mandatory retirement age of 65, many aging workers plan to retire on or before age 65. My cousin is only 62 and was really looking forward to her birthday so she could say good-by to working for a living. She was meticulously keeping a countdown on Facebook over the last 6 months. Sounds to me like she was looking forward to it and very excited to retire.
Baby Boomers and the Aging Workforce Facing Rocky Economic Conditions
Did you know that according to surveys conducted in 2009, 7 out of 10 baby boomers in the U.S. are putting off retirement because they cannot afford to.
- Many lack savings due to many reasons from helping to raise grandchildren to supporting adult children.
- There may be medical bills piling up due to ongoing health issues.
- Also the cost of living is higher and of course social security can’t replace earnings from a job. So, full retirement is not an option.
- Baby boomers are still paying tuition for college aged children.
- The credit cards are maxed out.
For others the rocky economic conditions will not stop them from retirement. They have put in their time and they are tired.
However, retirement for these baby boomers and aging workforce does not mean staying home and sitting on their rocking chairs waiting to die. Nope! Not at all!
Baby Boomers Continue Working for Reasons Other Than Finances.
When I was still in the workforce, I remember working with individuals who were well pass 65 and maybe into their 70’s. These folks were there because they needed something to do and were easily bored at home. Some were healthy as a horse and felt they needed to remain active. For them staying home was not an option.
But, they did not want to work full time. Yet, you could count on them to be punctual and report to work as schedules. They enjoyed the social interaction and loved receiving a paycheck no matter how small. Yeah, many days I envied that these aging workers could decide just to walk away if they wanted.
Baby Boomers and The Aging Workforce – The New Wave of Entrepreneurs
I read in my research that the highest rate of entrepreneurs in America is people in the over 55-64 age group. People over 55 are more likely to start successful businesses than those in the 20-34 age group. – Resource – Kauffmann Foundation Report
Baby boomers, seniors, the aging workforce or whatever you want to call us are about 76 million strong. We were introduced early on to technology like computers, fax machines etc. Most of us have from basic to more advanced computer skills, so we are comfortable with things like Social Media, Google, Pinterest, Facebook, Twitter and so on.
My husband and I are in our late 60’s and early 70’s and we have laptops, ipads ,copier/scanner and smart phones. We are more technology savvy than our grown children.
As a matter of fact I currently own and operate 2 websites that I built and manage myself! Read how I did this here.
Boomers enjoy being independent for a number of reasons. They enjoy being challenged and staying motivated. The idea of being their own boss is exciting and there is more time now that they are retired.
Many researchers predict that independent businesses owned by baby boomer will grow by an additional 1.2 million within the next 2 years.
Spending by the 50+ Group is Around 7 Billion Annually
We baby boomers are trendsetters and have always been.
Did you know that 48% of those 65 years or older own a desktop computer? And they have the most money of any age group and like to shop online due to the convenience. Once I got the hang of it, I realized I enjoyed shopping from the comfort of my own home. Beats standing in long lines at the department stores.
My family and friends spend most of their shopping dollars online. Anytime I mention not being able to find something locally, I am reminded to go online and search for it on Google or Amazon. One of these days we’ll be able to shop for our groceries as well.
Baby Boomers and The Aging Workforce – Living Longer
When I look around at my family and friends, who are retired, it’s hard for me to believe how young they look. Sixty is the new 40 is what people tell me. Men and women alike are fighting the aging process. It used to be that women only got face lifts. Now it’s very common for men to get them as well.
We are taking better care of our bodies with exercise and better diets.
If you reach age 65 without major health issues chances are you will have a healthy life into your golden years. On my next birthday February 21st, I will be 68 years young. Everyone including my husband say I look much younger than my age. I still do Zumba about 2-3 times a week. Being active is very important to me and helps me maintain my health.
What does this mean for baby boomers and the aging workforce? It means that retirement is not the end of life and there is no reason to not get involved in a new venture. What it means is you need to “jump for joy” because you have a nice long life ahead of you and opportunities for new beginnings.
You too can start your own home based business – just like I did. Take a look at my #1 Recommendation to help get your started on your way to the rest of your life!
So there you have it! If you have found value in this article please be sure to leave me a comment at the top of the page…….hit the REPLY button.