Baby Boomers Are Refusing To Leave The Workforce



Baby boomers are refusing to leave the workforce

A startling variety of baby boomers are refusing to leave their younger friends at work.

And that’s going to have an have an impact on on each person in younger generations training to replace them.

Really, workers over 65 are staying with the jobs at a rate not seen in more than 50 years.

Why? It’s any individual wager when you consider that the Labor branch doesn’t ask the workers the reason they’re still working, only even if they are.

Listed below are some numbers:

As of May additionally, 19.8 % of workers age 65 and over instructed the executive they had been nonetheless working. That’s a figure you get from the Labor drive Participation Rate and it’s buried so deep within the government’s numbers that you simply want the help of a knowledge archaeologist to find it.

  • The participation rate of those older than 65 became in to play, for example, 10.8 % in the summer of 1986. And for decades, the figures stood at around those levels. In 1960 — before the age of 401k retirement plans, stock market booms and such — 20 % or more of the over-65 workers become nonetheless participating in the labor force.
  • What may well be inflicting people to continue to be in jobs longer now? I will wager. One factor might be that interest fees have been low for therefore long that reductions aren’t generating sufficient profits for potential retirees.Additionally, people are doubtless healthier at the moment and see themselves living longer, which might make them feel there remains a number of time to putter round within the garden or play with the grand kids.It could also be that the ultimate recession — the extraordinary Recession — put the worry of God into boomers, who could now not think that any volume of savings is adequate to tide them over except their remaining days.Jobs might even be so desirable that employees are begging individuals no longer to retire — besides the fact that children I doubt that’s the case.There’s no manner of knowing from the government starts whether the 65-plus set are staying within the identical job or getting part-time work. However, no matter which purpose bills for it, if workers are filling jobs longer, that leaves fewer positions for more youthful people just beginning out or core-aged laborers trying to sustain their tradition.If this fashion continues, and it has been transforming into better for the reason that the starting of the yr, it’s going to have a profound effect on the labor markets

18 comments / Add your comment below

  1. Thanks for the information and especially the numbers! 

    I see it from both sides to be honest; Baby Boomers are getting shafted on their pensions, and cost of living going up (and state pensions staying fixed), so I can see why they’d want to stay in work as long as possible in order to keep their finances in check. 

    However this isn’t making way for a younger workforce, and causing them to suffer in terms of there not being enough jobs. It’s working out bad for everyone. 

    1. Thanks Petra for your comment.The reason why I chose this topic and niche is to give e in my age bracket an opportunity to be Able to make supplementary income without being afraid of leaving their jobs.

  2. Hi, those numbers are interesting.

    I have seen a rise of older people still working after 60, but those numbers are staggering.  I do think that most comes down to the interest rates or the low retirement fees that will not let most of the retire.  At least that is the case in my country.  People have a difficult time doing their finances when they retire, because the wages are too low.

    Interesting article.  Thanks for sharing.

    Oscar

  3. I can see your point about baby boomers taking the jobs that young school or college leavers need.  It would be interesting to know whether or not these 19.8% of people have been on good incomes their entire life. If they have been and they can afford to retire, then they should make way for others.

    Having said that, I know quite a few people who simply cannot retire as they don’t have much put aside in their 401k (or superannuation) accounts.  As you mentioned, they cannot earn much in interest and at retirement age putting it into the stock market has it’s own risks.  We all know what happened with the GFC.

    At the other end of the equation is the fact that we are all living longer and as people age they need more medical and general health and life assistance.  If they retire too early they contribute less to taxes which affects the income the governments receive to pay old-age pensions and aged care benefits.

    I don’t believe that there is an easy answer to this dilemma.

    1. Thanks for your very insightful comments Kerry Ann! There are seniors who have been forced to live together without the benefit of marriage because of jobs they had when working were not sufficient to give them the income of social security that they need to take care of themselves.

  4. Hi John, 

    That’s an interesting topic to share. I think baby boomers staying on work for that long time not only deny the youth who are starting off life to get jobs but also affect productivity. Everyone might have different reasons why they’re still working but financial insecurity might be the major reason in most cases. 

    1. So true Derr That is why I am passionate about sharing information that will help my readers. Thanks for your comments!

  5. Hi John, thank you for giving me the honor to provide comments on your site. I think it is very appropriate especially in these times that you talk about retirement when you reach a certain age. I know of people that like the idea and some who feel like they would be lost without a job. I would like to know more about the Valentus club. Why is it you picked them. Overall I like your page it looks good and you can navigate your way through it without any problems. Perhaps adding a little more about retiring at a certain age would be nice. There are places that have forced retirement policies. What happens to these people, what choices do they have especially if  they have not saved up enough money during their working days.

    I like you picked the topic about baby boomers refusing to leave the workforce. I do like your page John and I wish you the greatest success.

    Please if you do have time I would appreciate you taking a look at my site and giving me some suggestions to improve it.

    Thank you.

    1. Thanks Michael for your comments! Valentus was a company that I joined to make money and lose weight.I didn’t do any! No support and false income claims. Please text me your website link and I will look at it in the morning.It is 12:30 am in Georgia and I am sleepy and tired.See you later and thanks for your comments about my website and the content!

  6. Hi John.

    Thank you for your website and the integrity of your comments. I am a believer of equal opportunities and employment. Like you I’m also heading towards retirement, which I dread because I’m not ready financially and physically to do it right now. I like the challenges I face with our younger generation, who are better equipped to work in today’s tech world then we ever were in our brick and mortar one. However, we can learn and be on par with them right? My contribution to your piece is that most of us continue to work out of necessity. We didn’t do enough to retire comfortably while supporting our children with a positive legacy to be able to stand on their own feet and move forward with enough financial advantage to live their own lives/dreams. Personally I like to think that age is just a number, if we keep healthy and fit enough to continue to work and enjoy it. We continue to pay it forward to our younger generations in terms of leadership, attitude, integrity and sharing and caring. I believe that sharing our online business experience is a way forward, because the future is online and in the tech world. The younger generation may know how to work these new tech gadgets but our experience will show them what really works out there, on the internet so they don’t scammed or conned like we were when we started, right?

    1. Thanks for your very encouraging and uplifting comments Tui! I Remembered reading a book called Megatrends and this was in the 1970’s and talked about the world entering into a service and information society! Man was that book right! It was as if the author were living now back then! With the internet and computers this world is no longer a simple and unassuming world! If only I would have believed and prepared myself for what we as baby boomers face who did not prepare for this time period in our lives!

  7. If this baby boomers do not want to leave the work force that mean the new generation is trained for nothing so if this people over 65 are at work and nonetheless effective in the work force that means their purpose of being at work is not served, they are old and they need to give the young active generation to set their working standards and work as hard as they want without having the baby boomers then everything will be effectively done.

  8. Your blog is an allert for our society and our goverment to see how the situation is deteriorating badly. In my opinion, the fact the baby boomers are not living the workforce is the inflaction that our Nation are going through. People don’t talk much about, the goverment is sayng that is more job, more opportunities, but I don’t agree so much. Think about, if was more, would have a job for everyone and we know that is not accurated. Everething is getting hight price; I remember about 15 to 18 years a go, we would go to a grocery store and buy something, next month we would go back and buy the same product for the exactly same price. You knew how much you would spend every month. Those days are differents; you buy a product this month, but you don’t know how much will be the same product next month.

    Gasolina is raised $ 0.40 of the dollar for some reason like flood, hurricane, war etc. After the catastrophe goes, the price go back only $ 0.25 of the dollar. I notice this all the time.

    My husband is 75 years old and still working at the office because he need to continue to support our family. This is sad, very sad.

    The fact the people over 65 years old still working, is because insurance became through the roof so they saves are gonna. They need money to support the youngs because whem they come out of the college they have school loans to pay and they can not found a decent job to work because they don’t have experience.

    That sad our olderlys have to stay and work because they need not because they like to stay. They are forced to stay because of the situation.

    Thank you for an amazing blog and for remind us where we are now.

    Cheers to your sucess,

    Telma

    1. Thanks for your heartfelt comments Telma! The more information that I write and research will help those who need help the most!

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