A big retirement spike is expected in 2008 as the first of the Baby Boomer generation, the roughly 76 million people born between 1946 and 1964, turn 62 and become eligible for early Social Security benefits.
About 4 million Baby Boomers have left the labor force because of injury or early retirement, said Sara Rix, senior policy adviser for AARP, the association of people older than 50. The landscape of working life in America will change as this large generation puts a unique stamp on what it means to retire, she said.
"There are a lot reasons to expect that Boomers will push the age of retirement up somewhat," Rix said. "They may not work into their 90s or even into their 80s, but they are poised to reinvent or redefine retirement in ways that include more paid work."
A majority of Boomers say they plan to work during retirement, mainly to maintain income and health benefits. However, she said, if Boomers "aren't provided with the types of work options that they say they're interested in, they'll begin to leave the labor force in large numbers, leaving employers in the lurch."
For many, those options include part-time jobs and telecommuting so they can work where they live, said Connie Moore, a Forrester Research analyst.
A big retirement spike is expected in 2008 as the first of the Baby Boomer generation, the roughly 76 million people born between 1946 and 1964, turn 62 and become eligible for early Social Security benefits.
About 4 million Baby Boomers have left the labor force because of injury or early retirement, said Sara Rix, senior policy adviser for AARP, the association of people older than 50. The landscape of working life in America will change as this large generation puts a unique stamp on what it means to retire, she said.
"There are a lot reasons to expect that Boomers will push the age of retirement up somewhat," Rix said. "They may not work into their 90s or even into their 80s, but they are poised to reinvent or redefine retirement in ways that include more paid work."
A majority of Boomers say they plan to work during retirement, mainly to maintain income and health benefits. However, she said, if Boomers "aren't provided with the types of work options that they say they're interested in, they'll begin to leave the labor force in large numbers, leaving employers in the lurch."
For many, those options include part-time jobs and telecommuting so they can work where they live, said Connie Moore, a Forrester Research analyst.
Source: www.PalmBeachPost.com September 28, 2005