Six Boomer Retirement Trends

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According to the Encore Career Handbook written by Marci Alboher. The oldest Baby Boomers are turning 67 and the societal norms for retirement are being rewritten. Nine million Boomers have decided to choose alternatives to traditional retirement and are enjoying meaningful work in jobs after retirement. Another 31 million people are planning to do the same according to Marci Alboher in the The Encore Career Handbook. What top trends are emerging?

  • Boomers WANT to work. Why? There is a need for intellectual stimulation. Sitting around and drinking a martini by the pool or playing a round of golf a day becomes boring. Over the course of a career Boomers have gathered priceless knowledge, experience and expertise and are eager to put it to use.
  • They need social interaction. When you are used to going to work everyday and engaging with coworker’s retirement can be lonely. Many have to make much more of an effort to see friends and have to reach out of their comfort zone to change their social circle.
  • Some need a financial supplement. A woman turning 60 today without any history of heart disease is likely to live to 92, which is 10 – 20 years longer than Boomer’s parents. Living is expensive!
  • Some enjoy volunteering. It is enjoyable to use the skills and expertise developed over the course of a career to help others.
  • They are job hunting and learning new skills like social media to help boost resumes. Brushing up on interview skills and resumes are also on the to do list.
  • They are seeking a new purpose. For 40+ years careers have defined Boomers. Now that retirement is approaching it is time to explore and find a new purpose in life. Reassessing interests and skills is helping Boomers find a new path in life.

Although there is no road map for this generation, they are the first to live a long and likely healthy life in retirement, and there are a few notable mile markers emerging. Retirement has become a process. Boomers want to work but they want it to be meaningful and on their own time. What are your plans?