Revenge of the Baby Boomers: Changing the Face of Retirement
REVENGE OF THE BABY BOOMERS: Changing the Face of Retirement!
By Kathy Szpakowski
As a baby boomer myself, it never ceases to amaze me at how
much emphasis is put on 'early retirement' for our segment of
the population. While it may be that some of us will work beyond
the mandatory retirement age of 65 out of necessity, there are
still a surprisingly large number of boomers who will "choose"
to be employed in some way, shape, or form, well beyond the
traditional age of retirement. Statistically, we are a group of
educated, bright, intellectually savvy, individuals. Can we
continue to make a difference as we enter the golden years of
our supposed retirement? You bet!
There is, in fact, a bold new wave of baby boomer entrepreneurs
who are starting businesses. For some, their best client/s are
the organizations for whom they previously worked who are now
willing to pay for their expertise on an outsourced basis. For
others, it is a prime time to start over and do something they
might have always wanted to do, but either didn't have the time
for in the past, or who wouldn't take the risk while they were
raising their families.
Some of the facts below might surprise you. Take a moment
(especially if you are a boomer), to see if you can relate to
any of these statistics:
- Boomers are better educated than previous generations Boomers
are much more ready, willing, and able to take on the challenges
of continued employment in a diverse work environment
-30% of leading edge boomers, aged 55-59, have a bachelor's
degree or higher, which is up 25% from just six years ago,
according to Census Bureau statistics.
- Aging boomers, as well as those who are now in their 60's and
70's, have also shown a propensity to continue their education.
The latest statistics from the Department of Education show that
the number of Americans between the ages of 45 and 69 enrolled
in adult education classes increased 23%, from 22.6 million in
1995 to 27.9 million in 1999.
- Data from the Bureau of Labor Statistics show that the number
of Americans 55 to 64 categorized as self-employed in
non-agricultural industries has increased 29%, from 1,434,000 in
July, 2000, to 1,846,000 as of July, 2005. The number of
self-employed 65 and older has grown 18%, from 641,000 in 2000
to its current level of 756,000.
- The largest number of self-employed workers is represented by
late boomers - those 45 to 54 years-olds who make up nearly 2.6
million, or 27%, of the nation's 9.6 million self-employed.
- Boomer-and-older entrepreneurs now account for 54 percent of
self-employed workers, which is up from 48.5 percent in 2000.
While self-employment was expanding among boomers and older
workers, it was stagnant or falling for almost every other age
group. The biggest group of self-employed workers in 2000 were
the 35-44 year-olds, who numbered 2,790,000. Currently, their
numbers have fallen 15 percent to 2,359,000, while
self-employment has risen by only 1% among the 25-34 year-olds.
What does this tell us? Don't ever underestimate our
generation's impact on changing the face of retirement. There
are approximately 76 million Baby Boomers who were born after
World War II, between the years of 1946 and 1964. We represent
the single largest demographic group in the USA. You and I are a
part of the future - and we can have a profound impact on the
economy - both from the perspective of new job creation and by
the decreased tax burden that we represent to the labor force;
not to mention the self-satisfaction we can achieve by doing
something that is exciting, motivating, and rewarding. Go
Boomers, Go!
(Sources: Dept. of Labor - Bureau of Labor Statistics,
Challenger, Gray & Christmas, Inc.)
Kathy Szpakowski, is a proud baby boomer, and an author,
speaker, radio personality, trainer, consultant, business coach,
and successful business owner, who understands how people of all
ages work and live, what they value, what motivates them, and
ultimately, what makes them tick. To find out what kind of work
environment you prefer, a free self-evaluation and much more,
sign up for free eLearning at
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