Baby Boomers and Retirement

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So What About Baby Boomers and Retirement?

We are only certain about one thing when it comes to baby boomers hitting the traditional retirement years, and that is that retirement years will not be all that traditional. This conclusion comes from a mix of good news and news that is not as good. But we, the baby boomer generation, are nothing if not flexible. You may sing that we didn’t start the fire, but we certainly did not put it out either!

Baby Boomers Expect to Stay Working Longer

We may expect to leave our current job (or not) at age 65, but we probably do not expect to stop earning something. Some middle aged (and older) people look upon retirement as a chance to explore their interests, start a business, or do something creative.

Also, since baby boomers are predicted to lilve longer than any previous generation, this set will re-invent the golden years. They hope to make this a truly “golden year” period where they can be able to grow in ways they could not when the every day pressures of raising kids or paying off a mortgage had to be satisfied.

Baby Boomers Have Goals For Retirement

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Only a minority of baby boomers expect to stop working entirely when they hit age 65 – 70. Some of them hope to mix work and leisure time more, but the overwhelming majority expect to earn income in some way. Some of this comes from the fact that savings and investments may not have been built up as well as they should be, or that an increased life span means those original plans were not adequate, but it also comes from the fact that hitting 65 or 70 does not mean that goals and plans are over!

It is interesting that this especially true for the way baby boomer women view retirement. Now that they have raised their kids, they see this time to finally reach some goals they had to put on hold when they were younger. If carpools and doctor’s appointments ate into mom’s time before, now they have time to reach their potential.