I came across this bit of a profile on Boomers, and I thought it was interesting. As a younger Boomer, I'm in a pretty good situation, and I think that I'm generally supportive of a lot of things this sub is about. I think that for many here, though, “Boomer” is used the say way that many Boomers use “Millennial”…referring to anyone that is a few years different in age, regardless of their actual age. And, as someone who has prepared for, and is looking forward to retirement, I tend to assume others are like me. However, here is why they are going to be around longer…
Health: When I was a kid, you retired a few years (at best) before you kicked the bucket…and jobs in the 50s and 60s tended to be a lot tougher. Boomers have better heath and wellness than earlier generations. Take smoking, for instance….most got the message, and don't smoke. Because of that, they feel they can stay in the workforce longer.
Social Security: One of the constant complaints here is how the Boomers ruined everything. Well…they didn't start it. Most have had their age of getting Social Security raised, which was caused by those before them.
Support of children: 47% of 18-29 year olds reside with their parents, as well as providing financial support in other ways (including helping paying for student loans.
IRA balances: The median Boomer 401k balance is $178K..which sounds like a lot, but only adds up to about 7K a year. That isn't a lot….and when you realize that many don't have as good of a retirement benefit as their earlier co-workers, it keeps them in the workforce.
“Live to Work”: Over 10% of Boomers plan on never retiring. They see their value tied to what they do, and adding in the other items above, there are some who may not leave until they are carried out feet forth.
What does it mean? I've got my ideas, but I'd love to hear what this means to you….and the future of a Boomer-less workforce.