Work: New Retirement Place
Despite the enduring image that marketers portray of retirees lounging on the beach, the reality is that a greater number of older workers are in the labor force than ever before, writes Peter Hoffmann.
According to the Employee Benefit Research Institute, 45 percent of people age 55 and older are still in the workforce. Twenty-nine percent of people ages 65–69 are still working as well.
Americans of retirement age opt to stay in the working world for many reasons, including to transition their career to part-time, to make extra money, or to start their own companies. Many of us are also living longer and taking better care of ourselves, and we don’t feel like slowing down. In today’s world, retirement can last 20 years or more, so we want something meaningful to do to fill that time.
Some people, however, may not find working into their retirement years a matter of choice. They may need to keep working to add to their savings, keep their insurance coverage, or attain their full retirement age to receive their full social security benefits.
Category: Boomer Lifestyle
Thanks for your research. I think that the key to whether boomers continue to work OR whether they can retire … is all about fulfillment. When people feel a sense of purpose, either through their work or through their interests, then that is what makes the difference. Anyone can continue to work if they enjoy what they do. What often happens is that people retire and then realize they no longer feel as though they contribute or feel passion. Then, of course, there’s the opportunity to ReInvent and “finally” seek that which you’ve always wanted to do.