Impact of Boomers Working Past Retirement Years

As people are living longer and the age for receiving social security payments is extended, baby boomers have found that they are working well into what used to be considered retirement years.  USA Today reported, “The Associated Press-LifeGoesStrong.com poll found a baby boom generation planning to work into retirement years — with 73% planning to work past retirement, up from 67% this spring. The poll involved online interviews with 1,095 baby boomers.” According to the Examiner, “boomers are likely going to work five to 10 years longer before retiring.”

There are currently 77 million baby boomers.  This group has found it difficult to retire because “41% of boomers said they are expecting to have to scale back their lifestyle in some way in retirement and 31% believe they will struggle financially.”

Having a lot of baby boomers in the workplace has had an impact on the post-boomer generations.  In the article Millennials Hoping for Boomers to Retire, it was noted that many people who used to retire in their 60s are continuing to work, making it harder for Millennials to find employment.

There are currently four generations coexisting in the workplace. These 4 generations include:

World War II Generation (aka depression babies) – Those born prior to 1945

Baby Boomers – Those born 1946 to 1964

Generation X – Those born 1965 to 1982

Generation Y (aka the Millennials) – Those born after 1982

Baby Boomers represent the largest segment of the American work force.  However, millennials will be replacing the baby boomer group soon.  According to Harvard Business Review /HBR.org, “The makeup of the global workforce is undergoing a seismic shift: In four years Millennials—the people born between 1977 and 1997—will account for nearly half the employees in the world. In some companies, they already constitute a majority.”

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