The new retirement is no retirement: Baby boomers are keeping jobs well into their sixties and seventies
At 73 years old, George Cavedon could now enjoy days golfing with retired friends in Florida, but he'd rather still be engaged at work, guiding younger colleagues and meeting with clients.
He's been marketing for a small firm for 18 years and doesn't plan on slowing down anytime soon.
For my own mental health and well-being, being active and staying productive are activities that I find beneficial.
Many baby boomers, including those with college education, are deciding to continue working past age 65, a trend that's on the rise. For these individuals, the reason isn't financial necessity, but rather the love for their work and a desire to not let it go.
Read more: More seniors in the US are continuing to work past the traditional retirement age of 65—and this trend has a positive impact for employers.
According to a study conducted by the Pew Research Center, there's been a significant increase in the number of Americans 65 and older who hold employment. Specifically, nearly one in five people in this age group is currently working, which is roughly two times the amount seen thirty-five years ago. Today, an estimated eleven million Americans aged 65 and over are employed, representing around seven percent of all wages paid by U.S. companies. In contrast, this demographic accounted for just two percent in 1987.
According to Pew's research, for many older Americans, retirement is not just about financial security; it's also about maintaining social connections and mental engagement, such as they do when they join volunteer work.
When I go on vacation, I do exactly what makes me happy," he says. "I wake up in the morning with a clear agenda, which is something I really enjoy. What I love most is going to work.
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"They're profoundly changing the direction and course of professional and executive career paths, and what that might look like for the future," Walton explains.
"A well-documented concern in retirement is the prevalence of loneliness. ### (A considerable issue affecting the nation is even more common among Americans in retirement.)
A study of 1,500 retirees and 400 people of similar age who were still working found that nearly three out of five retirees expressed a range of negative emotions, including loneliness, emptiness, and hopelessness, while only around 40% of retirees reported being content with their lives.
People who have achieved a lot of financial success, particularly, often feel like failures when they retire, according to Walton. 'What type of individual doesn't crave financial security and leisure time? As it turns out, there's a specific demographic. They have prior careers, are naturally curious, and have a strong competitive drive.'
and societal expectations.
Changing perceptions
In the United States, unfortunately, some people may never retire at all, not due to their enthusiasm for their work, but due to financial struggles that leave them with no choice.
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There's a growing number of people who are choosing not to retire, despite reaching an age at which many workers are often viewed as no longer as productive or valuable on the job.
Fellow Gen Xers:
For Walton, this shift is a welcome change. Boomers are reversing the trend of being forced out of the workforce due to ageism, a culture that persists in many places, while companies are now recognizing the value of their experience and skills, and providing opportunities for them to mentor younger workers, which Walton sees as empowering, not a cause for concern.
It appears to Walton that this shift is becoming increasingly unavoidable. With people living longer than ever before, many are clinging to their careers longer, a contrast to their ancestors who labored in physically demanding factory jobs. While extended work periods aren't everyone's cup of tea, they may be unavoidable in certain situations.
It was always likely that the day would come when businesses would struggle to find skilled workers among younger generations. Simply put, there just aren't enough of them.
I still have a long life ahead of me.
Having to quit work suddenly, either today or tomorrow, can be particularly tough for people who have spent many years of their lives on the job. Retirees often found it challenging to adjust to the lack of daily structure and social interaction that work provides.
They can opt for part-time work, switch to contractor status, or explore other flexible arrangements that let them get paid for what they do while enjoying more freedom in their work schedule.
Renee Stanton, a 61-year-old woman who's spent her career working in technology-related fields, is holding out hope that she'll continue to do something she enjoys. Despite being financially able to retire, Stanton doesn't want to give up working entirely and leave the workforce. Instead, she dreams of having the flexibility to pursue her long-standing hobbies, such as skiing and sailing, during their peak seasons, and to spend more quality time with her adult children and aging parents.
As a 60-year-old, someone who has already achieved financial security, I've embarked on a new venture as a startup founder.
Stanton points out that retirement might not be what it's cracked up to be, as evidenced by her father's experience. He retired early in his sixties and is still active at 87, with his only regret being that he left the workforce too soon.
Her long-term goal is to become a freelance consultant. She wants to have the freedom to choose her work projects during the off-peak seasons, take breaks to enjoy her outdoor hobbies like skiing and sailing, or work remotely from her winter home in the mountains. She has a wealth of experience to draw from, and her main priority is being able to decide when and where she puts in her work hours.
In an ideal scenario, she'll be able to hit the slopes for some skiing or catch waves in the morning, followed by a productive afternoon work session, resulting in the activity and intellectual stimulation she also deeply desires.
I've got a long way to go in life," Stanton says, "knock wood." "I'm supporting my ski habit now.
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