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Report: Baby Boomers are Putting off Retirement

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January 21, 2014 by   Leave a Comment

Nearly half of baby boomers who are in the work force today say they don’t expect to retire until they’re 66 or older, and one in 10 think they’ll never stop working, according to a new poll.

According to a Los Angeles Times report, financial concerns are the biggest factor driving boomers’ diminished retirement plans, but their “notoriously hard-charging work ethic and drive to get ahead” also factor in, according to the Gallup poll.

The poll is the latest to suggest that a years-long change in Americans’ retirement plans is accelerating as the boomer generation ages. Boomers are a primary driver behind strong sales in the recreational vehicle sector.

The average retirement age has risen from 57 to 61 over the last two decades, according to Gallup. The youngest boomers turn 50 this year.

None of this means boomers are motivated at work. Only about one-third of boomers who plan to work past age 65 report being “engaged” in their jobs, according to the poll. Forty-four percent say they’re not engaged, and 22% come straight from a Dilbert cartoon, saying they’re “actively disengaged,” the poll found

“Being wired for work doesn’t necessarily guarantee that all baby boomers are engaged employees who are involved in, enthusiastic about, and committed to their jobs,” according to Gallup.

For the full story click here.

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