Every day, about 8,000 baby boomers celebrate their 65th birthday. That’s the traditional age for retirement, but the generation that lived through Woodstock, Watergate and 12% mortgage rates has a history of breaking the rules. Here’s a look at 8 ways they are changing the face of older living in America-grandchildren on their knees.
About 70% of preretirees expect to do some work during their retirement years, according to a recent survey by Merrill Lynch Wealth Management, and it’s not all about the money (although it sure doesn’t hurt). More than half of boomers who plan to work during retirement want to launch a new career, the survey found. Nearly half say “stimulation and satisfaction” are the main reasons they want to work in retirement.
They also want to work on their own terms. Nearly 40% of preretirees say they’d prefer flexible work arrangements, such as part-time hours and 24% would like to cycle between work and time off.
Boomers’ desire to stay on the job is reflected in the composition of the workforce. Between 2006 and 2011, the number of workers age 55 and older grew by more than four million while the number of workers in every other age group declined, according to the Bureau of Labor Statistics.
It’s obviously not your mother’s retirement anymore!