Let it never be said that the Boomer Generation maintains the status quo. For years, age 65 was the magic age to begin retirement. But Boomers are beginning to change that.
According to the Employee Benefit Research Institute’s 2017 Retirement Confidence Survey:
- Three of every 10 retirees have worked for pay
- Approximately eight of 10 workers plan to work for pay in retirement
- 38% of worker plan to work until 70 and beyond
Half the women in the labor force age 65-69 work full time.
Some of the reasons for continued working after age 65 is lack of saving enough to stop working. With living longer, more money is needed not to run out.
Boomers are also taking the opportunity to combine the need or desire for income to become entrepreneurs. According to the Kaufman Foundation, 24% of new entrepreneurs are of retirement age versus 15% in 1996. In that same timeframe, younger age groups becoming entrepreneurs remained flat.
For most, there isn’t a magic age to stop working. More and more, we switch into a different kind of work that cannot only earn income but we feel passionate about.