Thursday , April 18 2019
Home / Money / Working Past 65: Baby Boomers Are Leading A New Revolution
Working Past 65

Working Past 65: Baby Boomers Are Leading A New Revolution

Retirement age doesn’t mean not working past 65 for millions of Americans.

Working past 65 is real.

That’s right, the days of our parents and grandparents retirement is a thing of the past—work 40-plus years at the same company, retire at 62, get a gold watch at a farewell party and spend the rest of your days fishing, traveling or spending time with grandchildren.

Baby boomers are not only reinventing retirement, but they’re revolutionizing it, says Catherine Collinson, president of Transamerica Center for Retirement Studies. They’re working past 65 and even working in retirement, she says.

“Most baby boomers envision a phased transition before fully retiring and frankly our nomenclature—the word retirement hasn’t caught up with the times,” Collinson says. “We still think of retirement as a point in time in which we stop working all together whereas now retirement may be working for an employer for 20 to 30 years and retiring and starting a consulting business or working at a different company or becoming a silver entrepreneur.”

A Transamerica Center survey shows that 65 percent of baby boomers plan to work past 65 and or do not plan to retire, Collinson says. A little more than half of baby boomers plan to work in some fashion in retirement, and of those 10 percent say it will be full time and 42 percent say it will be part time, she says.

“One of the things that baby boomers are doing is demonstrating to the world, themselves and employers that retirement and working is not a mutually exclusive proposition,” Collinson says. “Baby Boomers were born to be wild and their retirement promises to be even wilder. They’re forging a new model of retirement that is a radical departure from that of previous generations,”

Here is the survey:

The baby boomer generation can’t afford to act like their parents or grandparents because many are expected to live well into their 80s or 90s and even past 100, she says. They’re not going to accept a gold watch and go sit on the couch, she says. Two-thirds say they will do so for income and benefits and the other third say it will be for enjoyment, she says.

“If we think of a working career lasting to 40 to 45 years, it is difficult to envision working 40 years to finance a 25 to 40 year retirement,” Collinson says. “There is a natural need through increased longevity to work longer and retire later in terms of building up savings and future retirement income. The other big question is the need to stay active and involved and 65 is not old, and we all need a sense of purpose whether it’s for pay or betterment of humanity or a combination of the two. As a society we can’t afford to shut down at 65 for the next 30 years.”

The employment landscape, however, isn’t set up to accommodate that yet, Collinson says. Few employers have programs or business practices in place for this phased transition into retirement and even fewer baby boomers believe their employers have practices in place to accommodate them, she says.

Only 48 percent of employers have practices in place to enable shifting from full-time to part-time and even fewer (37 percent) allow taking on new positions that are less stressful or demanding, Collinson says. What makes it amplified is that only 21 percent of baby boomers believe their employer will enable them to shift to part-time and only 12 percent say their employer will enable them to take positions which are less stressful or demanding, she says.

What’s going to happen is the big question, Collinson says there is a need to raise awareness among both baby boomers and employers of the issue. Baby boomers also need to do a reality check of what they’re going to be able to accomplish at their current employer or whether they’re going to need to seek alternative scenarios or employment.

“I expect accommodation, and I believe we will see a range of outcomes,” Collinson says. “Baby boomers are the right generation to be doing this because they have broken all of the molds since they entered the workforce. We will see some employers adopting and some employers who are slow to adopt. Eventually, I am hopeful most will adopt. We can expect innovation and surprises.”

Collinson says entrepreneurship will be more prevalent because of technology. There are many tools and resources available to baby boomers that previous generations hadn’t had and will create new opportunities if they have the imagination and practicality to pursue them, she says.

In terms of starting a business, the barriers to entry are far lower than we have ever seen in our lifetime and over the last 20 years, Collinson says. The Internet has made legal resources like Legal Zoom available. Media marketing helps people learn how to build a business and reach an audience at a fraction of what it would cost 20 years ago, she says.

“The key is finding viable and profitable return on investment opportunities, and something that is sustainable,” Collinson says.

The last group of baby boomers turned 50 in 2014, but the following generations will follow the same path and not return to what our parents and grandparents did, Collinson says.

“They share the exact same vision for retirement,” she says. “This isn’t a one and done where baby boomers retire, and we go back to the same way.”

Baby boomers, meanwhile, need to be ready for this new retirement, and many aren’t Collinson says.

Working past 65 requires people to understand their ability to do so. Only two-thirds say staying healthy for continuing to work is a focus, but it needs to be closer to 100 percent, Collinson says.

Just over half say they are performing well at their current job, but if those people want to continue working the best way to ensure that is to be a superstar employee, she says.

“They are much more likely to say yes to a high-performing employee than one who is not,” she says.

Older workers are quite enthusiastic.

Only 41 percent say they are keeping their skills up to date, 16 percent say they are networking and 5 percent are going back to school to learn new skills.

Of those six steps, 92 percent of baby boomers are doing at least one and 52 percent are doing two, Collinson says. Only 1 percent are doing all six steps.

“Many are taking the first step, but there’s a whole lot more they can be doing,” Collinson says. “You need two or three or more of these six steps to ensure success.”

Many need a backup plan because baby boomers could be forced into retirement sooner than expected because of job loss or family issues. That also means people need to be more aware of their options of Social Security and Medicare, she says.

Here’s a story on working longer that is worth reading.

What are your thoughts? Let us know in the comments below.

 

Check Also

Reverse Mortgage pros

5 Upsides To An HECM Reverse Mortgage

As you near your golden years, the last thing that you want to have to ...

82 comments

  1. Enjoyed reading through this, very good stuff, thanks. “I will do my best. That is all I can do. I ask for your help-and God’s.” by Lyndon B. Johnson.

  2. Great line up. We will be linking to this great article on our site. Keep up the good writing.

  3. you are in point of fact a just right webmaster. The site loading velocity is amazing. It sort of feels that you are doing any unique trick. Furthermore, The contents are masterpiece. you’ve done a great process in this topic!

  4. I keep listening to the rumor talk about getting boundless online grant applications so I have been looking around for the top site to get one. Could you tell me please, where could i acquire some?

  5. hello there and thank you for your info – I’ve definitely picked up something new from right here. I did however expertise several technical issues using this website, since I experienced to reload the site lots of times previous to I could get it to load correctly. I had been wondering if your hosting is OK? Not that I’m complaining, but sluggish loading instances times will often affect your placement in google and could damage your high quality score if advertising and marketing with Adwords. Anyway I’m adding this RSS to my e-mail and can look out for much more of your respective fascinating content. Ensure that you update this again very soon..

  6. I’m curious to find out what blog system you’re utilizing? I’m having some minor security issues with my latest blog and I would like to find something more safeguarded. Do you have any recommendations?

  7. Pretty nice post. I simply stumbled upon your blog and wanted to mention that I’ve truly loved browsing your weblog posts. In any case I’ll be subscribing for your feed and I’m hoping you write once more very soon!

  8. Hi there, I found your blog via Google at the same time as looking for a similar matter, your website came up, it seems to be good. I have bookmarked it in my google bookmarks.

  9. I’m really enjoying the design and layout of your blog. It’s a very easy on the eyes which makes it much more enjoyable for me to come here and visit more often. Did you hire out a designer to create your theme? Fantastic work!

  10. Hi there, You have done an excellent job. I will certainly digg it and personally suggest to my friends. I am sure they will be benefited from this website.

  11. Yeah bookmaking this wasn’t a high risk determination great post! .

  12. Hi , I do believe this is an excellent blog. I stumbled upon it on Yahoo , i will come back once again. Money and freedom is the best way to change, may you be rich and help other people.

  13. You made some decent factors there. I seemed on the web for the difficulty and located most individuals will associate with together with your website.

  14. I relish, cause I found exactly what I was having a look for. You’ve ended my 4 day long hunt! God Bless you man. Have a nice day. Bye

  15. I conceive this internet site contains some very fantastic info for everyone :D. “Anybody who watches three games of football in a row should be declared brain dead.” by Erma Bombeck.

  16. Excellent beat ! I wish to apprentice while you amend your website, how could i subscribe for a blog site? The account helped me a applicable deal. I had been tiny bit familiar of this your broadcast provided bright transparent concept

  17. Really fantastic information can be found on weblog.

  18. One thing I would like to say is the fact before purchasing more computer system memory, look at the machine in to which it is installed. When the machine can be running Windows XP, for instance, the actual memory ceiling is 3.25GB. Installing over this would basically constitute some sort of waste. Be sure that one’s motherboard can handle the actual upgrade amount, as well. Interesting blog post.

  19. I reckon something really special in this internet site.

  20. I like this site its a master peace ! Glad I observed this on google .

  21. I was suggested this website via my cousin. I am no longer certain whether or not this put up is written via him as nobody else recognise such exact about my trouble. You are wonderful! Thank you!

  22. Interesting blog post. A few things i would like to contribute is that pc memory needs to be purchased but if your computer cannot cope with anything you do by using it. One can mount two RAM boards containing 1GB each, as an illustration, but not certainly one of 1GB and one having 2GB. One should look for the car maker’s documentation for the PC to ensure what type of memory it can take.

  23. Hmm is anyone else experiencing problems with the images on this blog loading? I’m trying to figure out if its a problem on my end or if it’s the blog. Any responses would be greatly appreciated.

  24. Hi there! I could have sworn I’ve been to this site before but after checking through some of the post I realized it’s new to me. Anyways, I’m definitely delighted I found it and I’ll be book-marking and checking back often!

  25. Wonderful blog! I found it while surfing around on Yahoo News. Do you have any suggestions on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Thanks

  26. What i don’t realize is in truth how you are now not really a lot more neatly-preferred than you may be now. You are so intelligent. You already know thus significantly on the subject of this matter, produced me individually believe it from a lot of varied angles. Its like men and women don’t seem to be involved unless it?¦s something to accomplish with Lady gaga! Your own stuffs great. At all times deal with it up!

  27. It’s the best time to make a few plans for the longer term and it is time to be happy. I’ve learn this post and if I may I desire to counsel you some interesting things or advice. Perhaps you could write next articles relating to this article. I want to learn even more issues about it!

  28. You are my intake, I possess few blogs and infrequently run out from to post .

  29. Way cool, some valid points! I appreciate you making this article available, the rest of the site is also high quality. Have a fun.

  30. Its great as your other articles : D, appreciate it for posting. “So, rather than appear foolish afterward, I renounce seeming clever now.” by William of Baskerville.

  31. Nice read, I just passed this onto a friend who was doing some research on that. And he actually bought me lunch because I found it for him smile So let me rephrase that: Thank you for lunch!

  32. I cling on to listening to the news update speak about receiving free online grant applications so I have been looking around for the most excellent site to get one. Could you tell me please, where could i get some?

  33. Hiya, I am really glad I’ve found this info. Today bloggers publish just about gossips and net and this is really frustrating. A good web site with exciting content, that is what I need. Thanks for keeping this web-site, I’ll be visiting it. Do you do newsletters? Can’t find it.

  34. F*ckin’ amazing things here. I am very glad to see your post. Thanks a lot and i’m looking forward to contact you. Will you kindly drop me a e-mail?

  35. I have read some good stuff here. Definitely price bookmarking for revisiting. I wonder how much effort you set to make one of these magnificent informative web site.

  36. Outstanding post, you have pointed out some fantastic details , I besides conceive this s a very wonderful website.

  37. Please let me know if you’re looking for a author for your blog. You have some really great posts and I believe I would be a good asset. If you ever want to take some of the load off, I’d absolutely love to write some content for your blog in exchange for a link back to mine. Please send me an e-mail if interested. Thanks!

  38. You have remarked very interesting points! ps nice web site.

  39. You actually make it seem so easy with your presentation but I find this matter to be actually something that I think I would never understand. It seems too complex and extremely broad for me. I’m looking forward for your next post, I’ll try to get the hang of it!

  40. Hi there I am so happy I found your website, I really found you by accident, while I was browsing on Yahoo for something else, Nonetheless I am here now and would just like to say thanks for a fantastic post and a all round interesting blog (I also love the theme/design), I don’t have time to look over it all at the minute but I have saved it and also added in your RSS feeds, so when I have time I will be back to read much more, Please do keep up the superb work.

  41. I really value your piece of work, Great post.

  42. Simply wish to say your article is as surprising. The clearness in your post is simply cool and i could assume you’re an expert on this subject. Well with your permission allow me to grab your feed to keep up to date with forthcoming post. Thanks a million and please continue the enjoyable work.

  43. I think you have noted some very interesting details, thankyou for the post.

  44. You really make it appear so easy with your presentation but I in finding this topic to be really something which I believe I would never understand. It sort of feels too complex and very large for me. I’m taking a look ahead in your next post, I will try to get the grasp of it!

  45. Hi, just required you to know I he added your site to my Google bookmarks due to your layout. But seriously, I believe your internet site has 1 in the freshest theme I??ve came across. It extremely helps make reading your blog significantly easier.

  46. Does your site have a contact page? I’m having trouble locating it but, I’d like to shoot you an e-mail. I’ve got some creative ideas for your blog you might be interested in hearing. Either way, great blog and I look forward to seeing it grow over time.

  47. This is the reasoon you want to start using Neuroscientia – an educational repository of cognitive health tutorials and powerful brainy tips for learning, IQ and mental flow. What do you think?

  48. I saw a lot of website but I think this one contains something extra in it in it

  49. You completed a few nice points there. I did a search on the subject and found most people will consent with your blog.

  50. Wow, wonderful weblog structure! How long have you ever been running a blog for? you made blogging look easy. The full look of your web site is great, as well as the content!

  51. You are a very intelligent person!

  52. I discovered your blog site on google and check a few of your early posts. Continue to keep up the very good operate. I just additional up your RSS feed to my MSN News Reader. Seeking forward to reading more from you later on!…

  53. Valuable information. Lucky me I found your web site unintentionally, and I’m shocked why this twist of fate did not took place earlier! I bookmarked it.

  54. I really prize your work, Great post.

  55. It’s hard to seek out knowledgeable people on this topic, but you sound like you realize what you’re talking about! Thanks

  56. This really answered my problem, thank you!

  57. Perfect work you have done, this web site is really cool with good info .

  58. I think other site proprietors should take this web site as an model, very clean and great user friendly style and design, let alone the content. You are an expert in this topic!

  59. Hello.This post was really fascinating, particularly because I was searching for thoughts on this subject last week.

  60. I was studying some of your blog posts on this website and I think this web site is rattling informative! Keep on posting.

  61. Very interesting information!Perfect just what I was looking for!

  62. Wow! This could be one particular of the most useful blogs We have ever arrive across on this subject. Actually Excellent. I am also a specialist in this topic therefore I can understand your hard work.

  63. This is a very good tips especially to those new to blogosphere, brief and accurate information… Thanks for sharing this one. A must read article.

  64. Howdy! Do you use Twitter? I’d like to follow you if that would be okay. I’m absolutely enjoying your blog and look forward to new posts.

  65. Deference to website author, some excellent selective information.

  66. I was very pleased to find this net-site.I wanted to thanks to your time for this wonderful learn!! I definitely enjoying every little little bit of it and I have you bookmarked to check out new stuff you blog post.

  67. you have a great blog here! would you like to make some invite posts on my blog?

  68. Good day very nice site!! Man .. Beautiful .. Wonderful .. I’ll bookmark your site and take the feeds additionally…I am happy to seek out so many helpful info here within the publish, we want develop more techniques on this regard, thank you for sharing.

  69. Just wanna say that this is very beneficial, Thanks for taking your time to write this.

  70. Real nice pattern and excellent content, absolutely nothing else we need : D.

  71. I know this if off topic but I’m looking into starting my own weblog and was wondering what all is needed to get setup? I’m assuming having a blog like yours would cost a pretty penny? I’m not very internet smart so I’m not 100 positive. Any tips or advice would be greatly appreciated. Many thanks

  72. I¦ve been exploring for a little for any high quality articles or weblog posts on this kind of house . Exploring in Yahoo I ultimately stumbled upon this web site. Reading this info So i am happy to express that I’ve an incredibly excellent uncanny feeling I came upon just what I needed. I such a lot undoubtedly will make sure to do not omit this site and provides it a glance on a continuing basis.

  73. What’s Happening i am new to this, I stumbled upon this I have found It positively helpful and it has aided me out loads. I hope to contribute & aid other users like its aided me. Good job.

  74. You have observed very interesting details! ps nice site. “Sutton lost 13 games in a row without winning a ballgame.” by Ralph Kiner.

  75. There are certainly a variety of details like that to take into consideration. That is a nice point to carry up. I supply the ideas above as basic inspiration however clearly there are questions just like the one you bring up where a very powerful factor shall be working in sincere good faith. I don?t know if finest practices have emerged round things like that, but I’m positive that your job is clearly recognized as a fair game. Each boys and girls really feel the impact of only a moment’s pleasure, for the remainder of their lives.

  76. It’s really a nice and useful piece of info. I am satisfied that you just shared this helpful information with us. Please keep us informed like this. Thank you for sharing.

  77. I am glad to be a visitant of this pure web site! , regards for this rare information! .

  78. hi!,I like your writing so a lot! proportion we communicate more about your post on AOL? I need a specialist in this space to resolve my problem. Maybe that’s you! Taking a look ahead to see you.

Leave a Reply

Your email address will not be published. Required fields are marked *