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.

Retirement Work

I made a request last week for stories of people who found interesting jobs in retirement. I had a great response and will be sharing these in the upcoming weeks.
I want more stories, so be on the lookout for retired jobs to share with others.

Margarite shared her experience as a substitute teacher. She lives in California, so you will want to check out the requirements for your state.

My idea for part time work is Substitute Teaching. I did it the entire time I was working on my MA and it worked well for me. I had a special credential that allowed me to work in high schools also, so switched to that level. All one needs to Sub is a BA in any area, the schools are flexible if you have a Math degree they will let you work in pretty much anything one wants to do, PE, science, debate, I did both boys and girls PE, band and orchestra as they just needed a certified Sub in the room. I knew enough Spanish & French to get by, so one can sign up for anything really. One doesn’t need a Teacher’s Certificate to Sub, just a BA and the CBEST test. It is given frequently and there are books available to study for it. It tests in 3 areas, English writing, Math and Grammar. The best book is CBEST for Dummies. One can take the test as many times as needed to pass, then a TB test and go off to whatever school district needs subs. The pay is usually $80 to over $120+/day depending on school districts and if extended subbing is needed. Who knows if the person enjoys it they might even want to become a Teacher!

In retirement, teachers are also returning to substituting. There are many other areas where you can work with children. If you don’t have a degree, you might look at being an aid in a classroom or childcare facility. Look at programs in non-profits, such as the YMCA and Boys and Girls Clubs, and programs through your park and recreation. Consider being a tutor. Parents are always looking for qualified babysitters, for the night, weekend or when they travel. There is always a need for foster parents and foster grandparents.

The new retirement should be called Retirement Inc. The boomers retirement will be different. Now is the time to create your own retirement income security.