Almost half of baby boomers and more than one-third of Generation X expect to work past age 70 or do not plan to retire at all, highlighting the need for backup plans in case life’s unexpected events get in the way of such goals.
According to a study by nonprofit Transamerica Center for Retirement Studies in collaboration with the Transamerica Institute, 49% of baby boomers expect to, or already have, extended their working lives past 70 or do not plan to retire. Their reasons for doing so are most as likely to be their health (78%) or their finances (82%).
By Kerry Hannon, Senior Columnist, Fri, May 13, 2022, 11:08 AM 7 min read
Baby boomers and Gen X are reimagining retirement, according to a new study.
Pre-retirees and retirees view their parents’ version of retirement as having been a time for “rest and relaxation,” according to a new study “Longevity and the New Journey of Retirement” conducted by Edward Jones in partnership with Age Wave.
However, when asked about their own retirement today and in the years ahead, only 27% see today’s retirement in the same light, while 55% define it as “a new chapter in life.”
“This is definitely not their parents’ or grandparents’ retirement,” according to Ken Cella, principal, branch development at Edward Jones. “At the same time, they face new challenges, especially around their health, their finances and finding a new definition of purpose.”
The survey of more than 11,000 people was conducted online by Harris Poll in January and February 2022 and consisted of adults aged 45+ who are retired or within 10 years of retirement.
Pete Townshend of the Who struck a nerve with rock ’n’ roll rebels in 1965 with the line “I hope I die before I get old.”
But something has happened in the five decades since he wrote “My Generation”: The boomer generation got older, yet continued to love rock ’n’ roll. Now, as many of those early fans enter retirement, they are still boarding buses and trudging through muddy fields to see their favorite bands.
Those of us who were born in the early ’80s (and even those a few years older than us) might know The Big Chill best because of its soundtrack. The film, released 30 years ago tomorrow, spawned two records (my parents, inexplicably, had two copies of both on vinyl), including songs by The Temptations, The Four Tops, Aretha Franklin, Three Dog Night, The Band, et al — songs were popular during the mid- to late ’60s, the time during which the characters in the film attended the University of Michigan together. The film is about nostalgia, and was one of the first to incite the Baby Boomers to look fondly, if a bit narcissistically, at their own Good Old Days.