Money So why are baby boomers still working?

16:06  16 may  2018
16:06  16 may  2018 Source:   msn.com

A Fifth Of Canada's Working Baby Boomers Have Nothing Saved For Retirement, According To Survey

  A Fifth Of Canada's Working Baby Boomers Have Nothing Saved For Retirement, According To Survey A shocking number of Canadians in the generation closest to retirement have no money saved for their golden years, according to a new survey. The study, which was conducted for Franklin Templeton Investments Canada, found that one-fifth of pre-retiree Canadian baby boomers have put away nothing for retirement.

Why are so many boomers delaying their retirement? Boomers fear that their Golden Years will be less than golden. Baby boomers are more worried than any other age group about retirement. Even the boomers who plan to retire someday say that they expect to keep working until they reach age 66.

And a few good men too. I am really referring more to the Baby Boomer generation. I had my boy toy phase, but am over it. Mind you, I still look good with a muscular body working out 7 days a So why are all these beautiful babes still single? And where are all the "real men" who want "real women"?

Related video: How to get out of debt: a step-by-step guide [Provided by GoBankingRates]

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Why do Baby Boomers get so upset about younger people prioritizing joy at work ? Baby Boomers had to work in jobs they hated for most of their careers, and many are still in jobs they hate because they believe work is something done only to pay the bills.

As baby boomers get older I expect the rate to go down. We are looking at the attitudes of different Boomer : Why are boomers looking for alternative options to the divorce process? Most boomers have worked their entire lives to be financially secure, how can they protect their assets?

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Ann Brenoff’s “On The Fly” is a column about navigating growing older ― and a few other things.

I am a 68-year-old baby boomer who still works full time. I am precisely who younger people point to when they hear the reports that more of them can’t find jobs and more of us still have ours.

Even as their population numbers have swelled from 2007 to 2015, the number of  22-to-34-year-olds in the workplace has remained the same, while the number of retirement-age workers has grown by 9 percent, according to the Bureau of Labor Statistics.

So why don’t I just retire and make room for someone younger to have a turn at the trough?

Every boomer has a different story, but as a collective group our defense has been a heartfelt “We need the money.” As a demographic, we got hit hard in the Great Recession, lost our jobs, our homes and our retirement savings, and so yes, we are still working to replace what we lost more than a decade ago.

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As noted by Gallup in their “Many Baby Boomers Reluctant to Retire” report, “Nearly half of boomers still working say they don’t expect to retire until they are 66 or older, including one in 10 who predict they will never retire.” “There are different reasons why retirement is changing,” he said.

Pepper Schwartz says baby boomers put fulfillment, even in later life, ahead of marriage. Will younger generations follow suit?

We are also caregivers to elderly parents, our adult children still live with us, our names are co-signed on college loans and second mortgages, so we have expenses ― many incurred in the pursuit of helping others.

And last, we exist with the constant reminder that we could very well live into the triple digits whether we want to or not, thanks to modern science and right-to-die laws with more holes than Swiss cheese. Too bad neither Social Security or Medicare is enjoying the robust health or predictions of longevity that boomers appear to be having.

So yeah, we need the money. Except maybe that’s not all of it.

People need more than financial security to make the leap to retirement, says the Boston College Center for Retirement Research. Work gives us intangible benefits ― things like a sense of worth, the knowledge that we are making a contribution and a chance to be part of something. How do you replace all that?

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I did something that made me feel very good today. Plus getting some work done at the Homestead. Why are baby boomers still working long after they retire?

The other article: Millennials see themselves as greedy, self-absorbed and wasteful, study finds. This Article: Why are the baby boomers desperate to It was still possible to work your way up the ladder on the strength of your character and there was more of an emphasis on job interviews back then-how

It isn’t even just that my generation has “a notoriously hard-charging work ethic and drive to get ahead” that can “make it difficult to envision downshifting into the slower pace of retired life,” as Gallup found in 2014.

No, it is something else. I don’t know how to retire. While I never thought of how to retire as something that needed to be learned or taught, perhaps it is.

The good news is that some corporations are changing their benefits to accommodate workers age 55 and older, mostly because we will account for 25 percent of the labor force by 2020. And some of those benefits include helping people learn how not to work anymore. Lessons include the obvious things like understanding retiree health care options and financial planning, but they also delve into what your retirement goals are. What will you do when the alarm clock no longer rings each morning?

Some companies are also providing the option of a phased-in retirement, whereby you go from full-time to part-time hours but keep all-important health benefits for you and your family members who need them. Herman Miller, the Michigan furniture company that employs 8,000 people worldwide, has a flexible retirement program that couples the reduction of hours for pending retirees with a coaching service. You aren’t just handed a gold watch and shown the door with insincere promises made about staying in touch; you first discuss things like setting goals.

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We are riddled with faults, yet are still praised in many areas. When they were our age, the baby boomers were doing their best to get what job they could in order to work their way up to financial stability.

Baby boomers who grew up with and worked with a certain amount of class stratification, formality, and correlation of certain that went with it. You knew that your occupation and your wage level would still exist in 5 or 10 years, and that the products you bought had a certain predictable quality level.

And it’s a two-way street: Retiring employees put together a knowledge-transfer plan to mentor their replacements. The flex program gives employees six months to two years to phase out of their jobs.

Herman Miller also lets all workers take up to 12 unpaid weeks off while their health benefits continue. This provides a good taste of retired life, and we suspect that more than a few have used it to test their snowbird wings, trading in the cold Michigan winter for a warmer climate to see if they like it.

I like the idea of testing out retirement before jumping in the deep end. I also like the idea that retirement could be a gradual change where the balance shifts away from work and more into post-work leisure over the course of a few months or years.

In the meantime, I have regular conversations with my financial planner, Jason, who probably serves in equal parts as my financial adviser and therapist. When I ask Jason when I can retire, I secretly hope his answer will be, “When I tell you,” because honestly, I just might need someone else to decide this for me.


Kris Jenner Opens Up About Family Gatherings with Babies Stormi, True and Chicago .
<p>It’s going to be a busy Mother’s Day for the Kardashian-Jenner family, as both Kylie Jenner and Khloé Kardashian celebrate for the first time as new moms and Kim Kardashian West for the first time as a mom of three.</p>“We have three new high chairs at the table!” Kris Jenner says with a laugh, of family gatherings with new additions Stormi Webster, True Thompson and Chicago West. “We’ll probably do a wonderful dinner with everybody. We’re trying to figure it out because in my family, everybody wants to do it. Kylie’s like, ‘I’ll do it!’ and Kourtney is like, ‘I’ll do it!’ It’s a good problem to have.

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