Retired Baby Boomers Required – Work Force Retiring

Retired Baby Boomers Required – Work Force Retiring

Good news! There is hope to keep our economy vibrant if we can keep more of the Baby Boomers in the work force. Depending on age and sex, between 30% – 60% of employed workers over 65 are holding part-time jobs. Considering the millions that will be reaching retirement age within 10 years, who will be available to do the work? The present labor situation doesn’t often have room for part time workers and this is likely to lead to problems getting a sufficient work force for certain parts of the economy.

As the age at which workers are entitled to full Social Security benefits creeps upward, from 65 to 67 to who knows where, we will see more workers continuing in their full-time jobs for a longer time rather than take a reduced income to leave early. Many of these retirees will choose to stay in the work force even beyond the age of full benefit time. More would stay if we could accommodate part time work.

Because of the desire for many baby boomers to work part time, we will have to find ways to accommodate this part time labor. The experience of these workers who express their willingness to become part timers is extremely valuable to the work force.

Sadly many of our retirees do not have choices, as early retirement incentives and layoffs are an increasingly common cost cutting tactic. Many workers also have lost the pensions that they expected to see them through retirement. Add to that the fact that North American workers in the baby boomer generation have been poor savers generally as a group, there are not many choices when it comes to earning extra income. With this pressure there will be a large portion of the baby boomer generation needing to work.

Many retiring workers will want to be able to take a two-week trip to Europe or maybe work six months in their hometown for the summer and be off to the warmer climes for the winter. This will be very difficult or near impossible for employers to provide. Assuming we can find a way to accommodate these changes we will give the respect to the baby boomer generation that they deserve, while providing opportunities to earn a few extra dollars.

To many, retirement is stress. They worry about living so long that they will outlive the money, about getting ill, being bedridden, in a nursing home and basically worry themselves to death very quickly.

We can do nothing about getting older but we can find ways to help make getting older more fulfilling, satisfying, fun, relaxing and fulfilling. I believe the more hobbies and interests you have, the longer you will live.

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