A new study reveals that Boomers are not ready to leave the workforce – and guess what?! It has little to do with finances. While the majority of those born between 1946 and 1964 report that they are financially prepared for retirement (according to Harris Poll), many are opting to extend their careers, transition to part-time work or re-enter the workforce altogether. In addition, 1/3 of respondents opted to delay retirement past their initially planned age (of 66 on average) due to feeling knowledgeable, confident and valued in the office.
Interestingly, many respondents who could financially retire are choosing to remain in the workforce, while those who want to retire and cannot relayed feelings of being ‘frustrated, overwhelmed and old’ (according to MarketWatch). Some elderly workers reported a need to continue working to pay for living expenses, medical costs and aiding their own elderly parents or children.
The natural conclusion to draw from this is the power of choice – being able to retire certainly seems to impact how happy one is with being content to continue working. Boomers who feel there may be no light at the end of the tunnel report experiencing higher feelings of frustration and discontent. While choosing when and where to retire is a very personal choice, it appears to be a most pleasant life transition when it is in fact a choice.
The benefits of delaying retirement have been called a smart move by researchers at Stanford University, George Mason University, Cornerstone Research and Financial Engines and Boston University. According to these sources, “…postponing retirement for six months alone can equate to saving an additional 1% over 30 years”, plus many companies are offering policy incentives via matching 401K programs.
Whether you decide to delay retirement by choice or need to wait a bit by unplanned chance – you are not alone. Retirees fall on both sides of the spectrum when it comes to feeling financially or emotionally prepared – or both or neither! While I myself love what I do and don’t plan to retire soon… I work with hopeful and current retirees virtually every day to maximize their quality of life and overall well-being by helping them weigh their options. If you’d like to consider downsizing, up-sizing or moving closer to loved ones, I am more than happy to help you create a path to get you right where you want and need to be! You don’t have to wait to retire to start creating the life chapter you want next, and your housing choices might even help you get there!
Resource Used: Retirement? Boomers aren’t ready yet
All my best,
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