There’s been a paradigm shift in the workforce. Instead of baby boomers cleaning out their desks and retiring to the beaches and golf courses of Florida the moment they turn 65, they’re choosing to continue to work. While many point to the recent recession as the reason boomers are postponing retirement, it’s not a lack of savings that is keeping individuals working past 65. Actually, many boomers are continuing to work for non-financial reasons.

It’s been said that 70 is the new 50, and it seems many boomers are using this phrase as their life mantra. In fact, a 2013 study found that 41 percent of boomers still in the workforce expect to work past age 69; and of the respondents who already retired, nearly 70 percent said they would have liked to have been able to work longer.

And, according to research, the desire to work longer isn’t always a money thing. For example, 68 percent of older workers surveyed in a 2003 AARP poll said they intended to work in retirement; and most respondents reported that they wanted to work, not that they had to. The most common reasons cited for continuing to work were to remain active, stay mentally sharp, and maintain a sense of purpose. Another AARP poll found that 38 percent of older workers want to gradually retire instead of leaving the labor force altogether.

While Millennials and Gen Xers account for overtwo-thirds of the workforce, it seems fitting that it’s the Baby Boomer generation that refuses to trade the desk in the corner office for a beach chair and a Mai Tai. Boomers are anything but passive, so it’s no coincidence that a generation defined by its commitment and work ethic is the one redefining retirement.

Boomers are reshaping the workforce. As they near the typical retirement age, many still have several more productive and capable working years ahead when compared to previous generations. “[Boomers] have the resources, knowledge, and collective desire to cause dramatic shifts in the way retirement is both defined and lived,” Robert Laura recently wrote inForbes.

This new-found freedom for many boomers is allowing them to find fulfillment later in life. They’re not looking forward to retirement, but instead craving a second act to their life where they can accomplish goals such as starting their own business or pursuing a personal passion (and accumulating a nest egg is only a secondary goal).

With this in mind, it’s no surprise that research suggests that baby boomers are more likely to start a business than any other generation right now. According to career counselor and consultant Larry Stybel, who is a boomer himself, the biggest regret for retired boomers is that they didn’t work longer.

Essentially, Stybel advises most boomers not to retire unless they really want to or have to for health reasons. “Once you publicly use the R word you are saying, ‘I am out of the game,’” Stybel said. “Saying it is a self-fulfilling prophecy. And that means you have to live with it, ready or not.”

5 thoughts on “Young at Heart: Why Baby Boomers are Continuing to work Beyond Retirement Age

  1. I think that general liability coverage is a really smart idea for any small business. There are so many things that it covers that could end up saving your business if something bad happened to it. Like you mentioned, if someone is hurt on your property, liability insurance will protect you and your business from financial harm.
    Thanks.

  2. I think that general liability coverage is a really smart idea for any small business. There are so many things that it covers that could end up saving your business if something bad happened to it. Like you mentioned, if someone is hurt on your property, liability insurance will protect you and your business from financial harm.
    Thanks.

  3. Working after retirement is not a choice by heart. You have to do it for financial stability, but in cases where you are getting retirement benefits you can get some relief. Make your retirement benefits application by applying for SS card online. Thanks for sharing such wonderful insights with us.

  4. Working after retirement is not a choice by heart. You have to do it for financial stability, but in cases where you are getting retirement benefits you can get some relief. Thanks for sharing such wonderful insights with us.

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