Will Boomers Work Until They Die?
According to the Globe and Mail on October 18, gone are the days of ageing Canadians retiring to a life of leisure. A survey of 304 baby boomers by polling firm Ipsos Reid for Bank of Montreal indicated that 15 per cent of this demographic who either retired early to start their own business or who plan to do so said they expect to work for themselves 'until they die'. One in five, or 21 per cent, of the boomers polled said they expect to run their own business for more than a decade while just 16 per cent said they will work less than five years.
In his latest book Microtrends: The Small Forces Behind Tomorrow's Big Changes, Mark J. Penn, President of U.S. polling firm Penn, Schoen & Berland, pointed out that to the baby boomer generation in the U.S. who is nearing 65, the traditional idea of 'retirement' - with its gold watch, rocking chair and golf course - is just about ready for retirement itself. According to Mr. Penn, boomers reinvented youth in the 1960s and economic success in the 1980s; they are not about to do their senior years by someone else's formula. According to a 2005 survey by Merrill Lynch, more than three in four boomers say they have no intention to of seeking a traditional retirement. Rather, they look ahead to their 20 more years and they say Bring It On.
Having said that, boomers would want more flexibility in the work force so that they can take time off to pursue outside interests or home reponsibilities and still contribute to society. Many may not have saved enough to live comfortably in their old age, so some paid work is better than none. If companies can give boomers the chance to realize their life-long dreams, they will come back to the workforce and it's a win-win for both the employee and the employer.
The longer companies can keep boomers active in the work force, the better off everyone will be!
