Tuesday, April 7, 2009

Baby Boomer Retirement: Interesting Statistics

The recent economic downturn has changed the retirement landscape for many of the boomer generation. Recent results from the California Budget Project indicate, once again, that we need to redefine 'retire.'

While the report focused on Californians, it reflects trends across the country.

The report findings:

From 1995 to 2008, the employment rate increased almost 10 percent for those aged 55 to 64. Almost 63 percent of people remain in the workforce at 64.

For women from age 55 to 69, the employment rate rose 12 percentage points to 49 percent. Over 60 percent of men, age 55 to 69 remained employed.

The idea of not working after 65 is shifting. A number of factors were sited as the cause. The rising cost of living and healthcare affect people’s decision to work. Likewise, many workers don’t have adequate savings or pensions to see them to the end of life.

There are other reasons people continue to work. Improved health, along with the longer life span has allowed willing workers to stay on the job longer. More people have jobs that are not physically demanding. People want to stay connected, active and engaged.

Of those who want to continue working, many want to change aspects of their jobs. As many as two-thirds want to do something different. They want work that is less stressful and allows them to spend more time with their family. Many want work where they feel they are making a contribution.

Retirement was formerly thought as a time of ending and closure. Baby boomers now see retirement age as an opportunity for a new beginning. They want the opportunity to start a new life journey.

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