The new retirement is no retirement: Baby boomers are keeping jobs well into their sixties and seventies because they ’like going to work’ (2024)

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e=r.searchBoxForm.querySelector("[name=fr]"),n=r.searchBoxForm.querySelector("[name=fr2]");e&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr&&(e.value=i.searchBox.params.fr,e.disabled=!1),n&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr2&&(n.value=i.searchBox.params.fr2,n.disabled=!1),r.searchBoxForm.submit()}}),1e3)},r.recognition.onspeechstart=function(){},r.recognition.onspeechend=function(){r.recognition.stop()},r.recognition.onerror=function(){r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_error")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play()},r.recognition.onaudiostart=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.add("listening")},r.recognition.onaudioend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("listening")},r.recognition.onsoundstart=function(){r.hideTrending(r),r.noSpeech=!1,r.speechButtonContainer&&(r.speechButtonContainer.classList.remove("listening"),r.speechButtonContainer.classList.add("speaking"))},r.recognition.onsoundend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("speaking")},r.recognition.onstart=function(){r.recognitionInit(r),r.startRecognition(r)},r.recognition.onend=function(){r.isRecognitionStart=!1,0==r.noSpeech&&""==r.speechResult&&(r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_nomatch")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play())},document&&document.dispatchEvent&&document.dispatchEvent(new Event("VOICE_JS_READY"))}}o.I18n=m,o.prototype.renderPermissionGuide=function(e){var n='\n

    \n

    \n

    \n

    \n

    \n

    \n

    \n

    '.concat(e.i18n.t("search.voice.permission_title"),'

    \n

    ').concat(e.i18n.t("search.voice.permission_text"),"

    \n

    \n

    \n

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    \n

    \n

    \n

    \n

    \n

    \n \n \n \n \n \n \n

    \n

    \n

    \n \n \n '.concat(e.i18n.t("search.voice.recognition_retry"),'\n

    \n

    \n

    \n

    \n

    \n

    \n ').concat(e.i18n.t("search.voice.trending_title"),'\n \n

    \n

    \n

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e)&&("SpeechGrammarList"in e||"webkitSpeechGrammarList"in e)}}],d=0;d0){var n=e.speechResult.charAt(e.speechResult.length-1);"."!==n&&"?"!==n&&"。"!==n&&"?"!==n||(e.speechResult=e.speechResult.slice(0,-1))}},o.prototype.sendBeacon=function(n,t){var o=e.YAHOO.ULT||{},i=e.YAHOO.SB||{};if(o.beacon_click){var r={_S:i.config.i13n.spaceid,_I:i.config.i13n.pvid,actn:n,sec:"search",slk:t};e.YAHOO.ULT.beacon_click(r)}},o.prototype.ajaxReq=function(t,o){var i,r,a=XMLHttpRequest.DONE||4,s=new XMLHttpRequest;if(n.documentMode&&n.documentMode<10)return(new e.XDomainRequest).onload=function(){try{r=JSON.parse(i),o(r)}catch(e){return}},s.open("GET",t),void s.send();s.onreadystatechange=function(){if(s.readyState===a)if(200===s.status){i=s.responseText;try{r=JSON.parse(i),o(r)}catch(e){return}}else o(r)},s.open("GET",t,!0),s.timeout=1e4,s.send()},e.YAHOO||(e.YAHOO={}),e.YAHOO.Util||(e.YAHOO.Util={}),e.YAHOO.Util.VoiceSearch=o}(window,document)}();var Wn={containerClass:Un.tooltip,textClass:Un.tooltip__text,showClass:Un["tooltip--show"]},Jn=["zh-hant-tw","zh-hant-hk"];ye("ybar-mod-searchbox",(function(e){var n={ybar:document.getElementById("ybar"),searchInput:document.getElementById("ybar-sbq"),buttonBar:document.querySelector(".".concat(Un["sa-btn-bar"])),voiceSearchBtn:document.getElementById("ybar-sbq-voice"),searchForm:document.getElementById("ybar-sf"),searchBoxIcon:document.querySelector(".".concat(Un["searchbox-icon-uh3"])),searchBoxPlaceholder:document.getElementById("ybar-smartphone-searchbox-placeholder"),searchBoxBackButton:document.getElementById("ybar-search-back-btn"),shopsButtonsWrap:document.querySelector(".".concat(Un["shops-buttons"])),categorySelect:document.getElementById("shops-category-select"),selectedMerchantInput:document.getElementById("selected-merchant-input"),selectedMerchantClearButton:document.querySelector(".".concat(Un["selected-merchant-clear-button"])),submitSearchBtn:document.getElementById("ybar-search"),clearSearchBtn:document.getElementById("ybar-sbq-x")};!function(e,n){var t,o,i,r=e.getConfig();if(n.ybar&&"desktop"===r.device&&(null===(t=r.bucketConfig)||void 0===t?void 0:t.highlight_searchassist)&&(null===(o=r.bucketConfig)||void 0===o?void 0:o.overlay_class)){n.ybar.setAttribute("data-ovrly-bkt",r.bucketConfig.overlay_class),null===(i=n.searchForm)||void 0===i||i.classList.add(Un[r.bucketConfig.overlay_class]);var a=document.createElement("div");a.classList.add(Un.overlay,Un[r.bucketConfig.overlay_class]),document.body.appendChild(a),e.onDestroy((function(){document.body.removeChild(a)})),e.addElementListener(n.searchForm,"focusout",(function(e){if(n.searchForm&&n.searchInput){var t=e.relatedTarget;t&&!n.searchForm.contains(t)&&window.YAHOO.SA&&window.YAHOO.SA.apps&&window.YAHOO.SA.apps[0]&&window.YAHOO.SA.apps[0].view.shown&&window.YAHOO.SA.apps[0].view.hide()}}))}}(e,n),Fn(e,n),n.voiceSearchBtn&&function(e,n){var t=e.getConfig(),o=t.locale,i=function(){var e,t;(null===(t=null===(e=window.YAHOO)||void 0===e?void 0:e.Util)||void 0===t?void 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    The new retirement is no retirement: Baby boomers are keeping jobs well into their sixties and seventies because they ’like going to work’ (2024)

    FAQs

    Why are baby boomers not retiring? ›

    Peak boomers, the last and largest group of baby boomers who will start turning 65 this year, have been impacted by income and wealth inequality. The best prepared for retirement are those who are White, male and college educated, according to median retirement savings.

    How does the approaching retirement of the baby boomers affect the US economy? ›

    The report finds that the most severe labor shortages will be in health-related jobs as more aging baby boomers will require personal care. The number of retirements is expected to far exceed the number of new workers entering the job market over the next decade.

    Why are older people not retiring? ›

    Far too many people lack access to retirement savings options and this, coupled with higher prices, is making it increasingly hard for people to choose when to retire,” said Indira Venkateswaran, AARP's senior vice president of research.

    Why should employers be concerned about the retirement of baby boomers? ›

    For businesses, the loss of Baby Boomers in the workforce will pose significant problems, and not just in terms of labor shortages. By and large, this generation is known for its strong work ethic and job loyalty, with more than 40% of Baby Boomers remaining with their employers for more than 20 years.

    Have baby boomers saved enough for retirement? ›

    Assuming baby boomers live an additional 20 years or more after retirement, two-thirds of baby boomers in their 60s won't have enough savings to maintain their same lifestyle during retirement. Over half of boomers have less than $250,000 saved and plan to rely mostly on Social Security for income.

    Why are baby boomers so rich? ›

    Collectively, baby boomers benefited a great deal from America's economic growth over the second half of the 20th century. The economy boomed in their childhoods as the U.S. became a superpower, and as adults, they had an easier time buying low-cost housing than their children or grandchildren would.

    What will happen when boomers start dying? ›

    By 2040, the population of 80-plus-year-olds will have more than doubled from today, according to projections from the Census Bureau. In the years leading up to that, boomers will begin to leave their residences as they die, move into nursing homes, or shack up in granny flats.

    How will baby boomers affect Social Security? ›

    Baby Boomers have sparked a notable change in the Social Security program. While experts previously anticipated funds would run out to pay full benefits in 2034, the Social Security Administration updated this prediction and said funds would actually not become insolvent until 2035, a year later.

    How do the baby boomers affect us today? ›

    Baby boomers hold a large amount of the wealth in the U.S., making them a prime market segment. Baby boomers are gradually retiring, boosting demand for—and investment opportunities in—healthcare, elder care, medical devices, and related industries that cater to that demographic.

    What is the biggest retirement regret among seniors? ›

    Claiming Social Security too early

    Unfortunately, most people don't — and many early retirees regret how soon they claimed their Social Security benefits. Research from the National Bureau of Economic Research (NBER) revealed that one-fifth of older Americans wish they had put off their Social Security claim.

    What if I can't afford to retire? ›

    If you retire with no money, you'll have to consider ways to create income to pay your living expenses. That might include applying for Social Security retirement benefits, getting a reverse mortgage if you own a home, or starting a side hustle or part-time job to generate a steady paycheck.

    What percentage of 70 year olds still work? ›

    About 26% of people between 65 to 74 are continuing to work, and that number shrinks to about 7.3% for people over 75, according to census data.

    Why do baby boomers refuse to retire? ›

    Some see widespread benefits in delaying their retirement. Working offers the 65-and-up crowd mental stimulation, which keeps their brains active. Showing up to a physical workplace allows for this group to remain active, even if their job doesn't require manual labor.

    Why are millennials not saving for retirement? ›

    There are many reasons for this, such as a shift away from pensions toward 401(k) plans and high student debt burdens. However, there are also reasons for optimism, such as advances in 401(k) plan design.

    Are baby boomers hard workers? ›

    First up are the Baby Boomers, individuals born between 1946 and 1964. Renowned for their robust work ethic, Baby Boomers were molded by values like loyalty, perseverance, and good old-fashioned hard work.

    Why baby boomers are not downsizing? ›

    Some baby boomers, the generation now between the ages of 60 and 78, are happy in their large homes, using the extra bedrooms for hobbies and visiting family. Others say they want to downsize, but it just doesn't make sense financially.

    Are baby boomers declining? ›

    By 2031, when the youngest baby boomers reach age 67 (the age at which persons born in 1964 can receive full Social Security benefits), the baby-boom population is projected to be even lower, at 58.2 million. The aging of the baby boomers is creating a dramatic shift in the age composition of the U.S. population.

    Why are so many baby boomers getting divorced? ›

    Many baby boomers who file for divorce often state that they want something different. Many older couples married at a young age to the first person they were intimate with. Since societal stigmas surrounding divorces have faded, a lot of baby boomers are realizing they don't have to stay in unhappy marriages.

    What is the peak boomer crisis? ›

    Over 30 million "peak boomers" are entering retirement financially unprepared. The economy could take a hit, with industries like manufacturing and education needing to replace boomer workers. Those new retirees will likely be disproportionately leaning on Social Security to stay afloat.

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