Younger generations frequently criticise baby boomers, questioning why the elderly do not simply retire.
However, when you consider the older generation’s perspective, it’s easy to see why many boomers choose to work into their golden years.
With the high cost of living in many parts of North Carolina, younger generations see their older peers delaying retirement.
1: False Promises
Dedicated pensions began to disappear during the boomer generation’s peak working years, and some companies went out of business allegedly to avoid having to pay existing ones.
What was the result?
The boomer generation was led to believe they would have a comfortable retirement, but many are not receiving the pensions they anticipated.
2: Unpleasant Surprise
It’s not that boomers don’t want to retire; however, many cannot afford to. Yes, the younger generation is struggling to keep up with rising living expenses.
However, many boomers find themselves in the same situation, with homelessness becoming an all-too-common issue among younger boomers.
3: Hard Knock Life
While some millennials believe their elders have it easy, the reality is far from that for many boomers.
In 2023, nearly twice as many people 65 and older worked as they did 35 years ago. They are also working approximately 15% more hours than in 1987.
4: Climbing Cost of Living
The baby boomer generation is expected to live longer than previous generations, and the cost of living has risen significantly during their lifetime.
As a result, more people aged 65 and up are now required to work than ever before.
5: Wait Your Turn
Younger generations appear impatient when urging boomers to give up. They won’t even reach full retirement age under the Social Security schedule until 2031.
Until that time comes, it’s not fair to blame boomers for still working.
6: Would’ve, Could’ve, Should’ve
Early career decisions can have a significant impact on one’s financial situation later in life. What’s the problem?
Many of us do not realise this until it is too late.
Even baby boomers receiving pensions may have one that is insufficient to cover their living expenses without additional income.
7: Paying for Others
Along the pension line, some baby boomers are understandably upset that they have spent much of their lives paying for the pensions of people who are older than them while receiving little to no pension in return.
8: Get Over Yourself
While genuine hardships undoubtedly occurred for baby boomers, personal responsibility also contributes to why some boomers remain in the workforce when they would prefer to retire.
Some baby boomers became obsessed with chasing the good life and keeping up with the Joneses.
They are now paying for it in their old age.
9: Not Happening
Saving for retirement was not as popular during the peak of baby boomers’ careers as it is today.
They were also unable to invest as easily, and online retirement calculators were not yet available.
10: Doing Time
Some retirees work because they enjoy their jobs, rather than because they are required to.
Having a routine, connecting with colleagues, and finding purpose in one’s work are all valid reasons why some baby boomers choose to stay in the workforce.
11: Staying Active
Depending on the job, working at the age of 65 or older can keep you active. Statista estimates that Americans spend nearly three hours per day watching television.
Even a sedentary job like working at a cash register burns more calories than binge-watching TV on the couch.
12: Working for Two
When a baby boomer’s partner dies, his or her property taxes, utilities, food expenses, and other living expenses continue.
As a result, if this unfortunate circumstance occurs, some baby boomers may have to work longer hours than expected to cover their living expenses.
Forced Into Retirement
In some cases, baby boomers who were unable to save for retirement while working low-wage jobs may have expected to work for the rest of their lives.
However, if they become disabled, they may be forced to retire early, resulting in a retirement they never expected.
Inheritance Savior
For some baby boomers, the only reason they could leave the workforce before the traditional retirement age was due to an inheritance.
Meanwhile, many people watch their peers struggle to make ends meet with their social security checks.
