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What if Boomers Don't Retire?

The Florida Times-Union, 1/19/09

Abstract:

Much has been made of shrinking baby boomer assets over the past few months. The Utopian dream of retiring at 55 to the yacht and charity work appears out of touch for the foreseeable future. Like it or not, many in this generation allowed their ambitions to get ahead of reality and, in the process, find themselves readjusting their sights. This generation has been famous for their ability for rationalize unfortunate realities and create euphemisms to support these flights of fancy. The terms re-careering and encore careers come to mind.

But there is more to the equation than just baby boomers and their money woes. Regardless of their financial position, most boomers are reluctant to leave the workforce. While income plays a role, there is also the fact that many in this generation have tied what they do for a living to their identity as a person. Introduce yourself to a boomer and chances are he or she will include a job title in the first few seconds of conversation. Assemble a few of them at a gathering and they’ll find a way to talk shop.  Outplacement counselors know that one of the biggest hurdles for boomers in transition is to let go of the identity they are clinging to based on a former role. An impending retirement presents them with some of this same trepidation.

Additionally, boomers have tended to use their work environment as a source for building and maintaining a social life. There’s the annual holiday party, the summer barbeque, the company sporting events and the monthly trade association meetings where 50-somethings take turns being volunteer leaders. Retirement can be the perfect storm, loss of income, loss of identity, loss of social circle. Why not remain in a role that is comfortable, reassuring and pays for the first and second mortgages?

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