A recent survey by Robert Half survey found that 54% of baby boomer respondents plan on working past tradtional retirement age.
A major reason given for planning to work past traditional retirement age is the impact of the recent recession. Key quote from the survey results:
Among professionals who plan to work past the traditional retirement age, strong majorities in all generations cited the past recession as an important factor in their decision.
The survey covers generational attitudes in the workplace and looks at Baby Boomers, Gen X and Gen Y.
Also, they have multimedia press release on the survey that has charts and videos on their survey.
From Bureau of Labor Statistics (BLS)
Between 1977 and 2007, employment of workers 65 and over increased 101 percent, compared to a much smaller increase of 59 percent for total employment (16 and over). The number of employed men 65 and over rose 75 percent, but employment of women 65 and older increased by nearly twice as much, climbing 147 percent. While the number of employed people age 75 and over is relatively small (0.8 percent of the employed in 2007), this group had the most dramatic gain, increasing 172 percent between 1977 and 2007.
Record unemployment among older workers does not keep them out of the job market
Several years ago I posted on Tim Berry’s un-retirement. Here is the main section of that post:
“I recently traded emails with well-known business planning expert and blogger Tim Berry. I was curious how he found the time to do so much work. His answer was he was retired.
This came as quite a surprise to me since from the outside it looks like he runs a media empire. Tim has multiple blogs, a consulting practice and a software company. He actively participates in webinars, writes books, speaks at conferences, writes for traditional media, etc.,etc., etc.
While Tim may not be the typical baby boomer, he is a great example of our generation’s approach to retirement. Tim and others like him are why we are – somewhat obviously I think – forecasting that retiring boomers Will start and work in small businesses in growing numbers.”
Tim has written a follow-up article on his un-retirement – How to Rewrite Your Job Instead of Retiring – over at Small Business Trends. It is interesting to see his perspective after 3 years. He is very enthusiastic about his retirement because he found something he loves doing. Key quote:
“For me it was writing, blogging, speaking, etc. This blog posts, several blogs … in fact since I named the new CEO in April of 2007 I’ve done slightly more than 2,000 blog posts, and three books. And speaking, and teaching.”
I think all boomers should read Tim’s article as part of their retirement planning.
(The authors are Steve King and Carolyn Ockels. Steve and Carolyn are partners at Emergent Research and Senior Fellows at the Society for New Communications Research. Carolyn is leading the coworking study and Steve is a member of the project team. Small Business Labs, from Emergent Research, covers the key social, technology and business trends impacting small business.)
To be sure, Americans of all ages are feeling the pressures of the economy. But when the American Psychological Association conducted its annual stress survey last year, it was the 45- to 60-year-olds who earned the dubious distinction of being most frazzled, with nearly a third calling themselves “extremely stressed.” And it’s no wonder: The U.S. Department of Labor reports that more than 2.7 million midlifers have been unemployed for at least half a year, more than in the worst months of the past four recessions combined. Many are burdened by rising tuition bills for their kids and increasing care demands from aging parents—not to mention their own severely cracked nest eggs. According to the Pew Research Center, middle-aged Americans suffered bigger investment losses from the crash than any other group, causing many to push back retirement an average of three years. “The recession, in some cases, has actually caused a midlife crisis,” says Timothy Maurer, a Hunt Valley, Md.–based financial planner.
So what’s a boomer in a rut to do? Everyone from psychologists to financial planners says a bumpy midlife transition may be inevitable for many. But reaching a certain age doesn’t mean you automatically have to scratch the “Is this all there is?” itch with an overpriced convertible, ill-advised investment or lipstick-on-the-collar adventure. Below, our own guidebook to the hidden costs of—and solutions to—the midlife blues.
“I’ll Start My Own Business.” …
By Justin Lahart -WSJ
After the worst recession since the 1930s left household finances in tatters, many Americans won’t be retiring nearly as soon as they hoped. A quarter of workers in a recent survey conducted by the Employment Benefit Research Institute said they postponed their expected retirement age in the past year.
Workers in the U.S. retire much later than in other countries. About half of American workers aged 60 to 64 work. In Germany, only a third do, and in France, only a sixth. A glance at how 60 to 64 year olds score on memory tests reveals a starkly similar pattern: They do best in the U.S., worse in Germany, worse still in France. …
A startup team made up solely of college students may find themselves making tons of rookie mistakes, but a company founded by veterans may be trapped in yesterday’s thinking. And any company made up solely of either demographic has virtually no chance of getting VC money. That’s why Heidi Roizen, managing director for Mobius Venture Capital, says the best way to turn heads is to have a combination of both in this older, but still relevant entrepreneur thought leader lecture given at Stanford University.
Stanford University’s Entrepreneurship Corner provides a free collection of over 1600 videos and podcasts, featuring lectures by today’s Entrepreneurial Thought Leaders.
An Attractive Team Has Youth AND Grey Hair
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