Baby Boomers Retirement Plans

How Do Baby Boomers Plan Retirement?

I came across an interesting article on baby boomers and retirement, and it really made me start thinking about my own view of retirement planning as a boomer. I am a late boomer, still more than a decade from the traditional retirement age, so I have some time. But the article about retirement made me feel a bit less lonely and in panic, so I think it bears reviewing.

Boomers Plan To Work During Retirement

So if this age group still plans to work, then what is retirement anyway? Well, many do plan to leave their current job, and use their golden years to really pursue some dreams they had put on hold. They may want to write, start a business, or find flexible work that will allow them to spend more time on their hobbies or travel. They want some of the leisure of retirement, but do not require total retirement.

Do Boomers Want to Work During Retirement

They may have two motives for their future income earning plans.

Retirement savings and investments have not been built up enough for a comfortable lifestyle. This also has more than one root. Economic problems may have been one, but also longer lifespans mean that much more money could be required. So, like almost everything else about boomers, good news and bad news seem to come together! Of course, most are willing to exchange a need to have more income for the chance to live a longer and more productive life!

But also with this longer predicted healthy lifespan means that boomers want to stay challenged and active. They see people working in their 70’s and 80’s at jobs they enjoy as a chance to get out in the world and still benefit others. Other boomers were not able to fully realize goals when they were younger because of the demands of family life. Women, in particular, see retirement years as a chance to reach goals they may have put on hold because of children.

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