Turning 65 (or up to 67, these days) isn’t what it used to be. Gone is the era of expectantly awaiting retirement on your 65th birthday. According to the AARP, 81% of today’s Boomers intend to keep working well into their 70s.
Why Aren’t Boomers Retiring?
Unsurprisingly, many Boomers delay retirement because they need the money. They have a long way to go to fund any unemployed retirement. And many want to keep their health benefits. However, there are also other reasons. Boomers want to be mentally engaged. They want to feel appreciated and like they are continuing to make a contribution. They also like the camaraderie and teamwork.
Here are some statistics from the AARP on why Boomers will keep working past their official “retirement age.”
|Why Boomers Aren’t Retiring|
|Need the money||61%|
|Need the health benefits||52%|
|Desire to stay physically active||49%|
|Desire to remain productive or useful||47%|
|Desire to do something fun or enjoyable||37%|
|Desire to help other people||29%|
|Desire to be around other people||24%|
|Desire to learn new things||17%|
|Desire to pursue a dream||14%|
From our Girlfriend Groups, we gained some insight into why Boomer women prefer to keep working. Here’s what Colleen and Susan had to say:
“Work is my most important source of joy; for everyday social life, stimulation, travel, learning and challenge… I also enjoy drawing, singing lessons with my husband and a varying cast of gospel singers, movie club, book club, etc.” – Colleen, 56
“I was semi-retired and returned to work full time. I like to get up in the morning and have a place to go. I also missed the personal work ‘relationships.'” – Susan, 62
From a marketing perspective, companies must soon realize that the stereotypical “retirement age” consumer in all likelihood won’t actually be retired. The oldest Boomers are just now turning 67, so they have years of work ahead of them. There will be little sitting around on the couch watching TV sitcom re-runs or Hallmark Channel movies while knitting and sipping tea. Is your marketing team ready to communicate with these active Boomers?