Are you still working Baby Boomers? Why don’t you just retire and make room for a younger worker? Well, we know it isn’t that easy to just up and quit your job! Many factors enter into finally looking retirement in the eye and saying, “enough is enough”!
Did you know? According to the Bureau of Labor Statistics, the number of retirement-age workers has grown 9 percent in the years from 2007 – 2015. And, the number of young people in the 22 to 34 age group in the workplace has remained the same (just thought you might want to know that statistic).
So, why are you still working Baby Boomers?
These are the monetary reasons:
- The most heartfelt one is “we need the money.”
- We are caregivers to elderly parents and that is costly.
- Our adult children still live with us.
- Our names are on college loans and/or mortgages as a co-signer.
- We may live longer than anticipated because of modern medicine and right-to-die laws.
Other reasons for not retiring are more intangible:
- A sense of worth.
- Making a contribution to life.
- Being part of something.
And, a big reason for not retiring is not knowing how to retire!
Some corporations are changing their benefits to include helping people learn how to not work anymore. Lessons include how to understand retiree health care options and financial planning. They also delve into what your retirement goals are. For instance, what will you do when the alarm clock no longer rings each morning?
For more in-depth information on Baby Boomers and work.
Related Financial Post: Spending Habits