WHAT BABY BOOMERS PLAN TO DO AFTER RETIREMENT

It is a belief that when people retire, it’s the right time for them to rest and do nothing as they rely on the pension and other savings they had during the work life.

Baby boomers have been creating wealth in the U.S., and they drive the economy more than any other generation, and they have overturned the ideology of sitting back to watch others work after retirement.

For them, this is the right time to travel and get to know various destinations as they have enough time for this. This enables them to stay socially active and remaining relevant on the current affairs whether economic, social or political.

Boomers have that unique characteristic that the other generations have not had since according to them, retirement is when life begins, and they can opt to extend their working life even though they have reached their retirement age.

This helps them to remain active and give them a chance to make decisions that they could not afford to make if they were resting at home due to retirement. This is, however, a personal choice and one may choose to either work part-time.

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According to Baby boomers, age is just a number and does not affect their style of living.

It is at this time that they start entrepreneurship and they drive profitable businesses with the knowledge that they received from their work life.

Some of the factors that have contributed to the vast decisions that have enabled the boomers to survive actively include;

  1. The population-The population of Baby boomers is currently the highest in the labor force, and if they happen to retire at once, the cost of paying them their benefits is too high.
  2. Due to the level of education, they have acquired, they find themselves working longer to provide critical services to the society like medical care, technology knowhow where they have extensive information on.
  • The impact they have on the economy- Since they mainly drive the economy, they are considered more productive, and there is fear that if they retire, the economy will decline and as such, they continue to work longer.

 

Conclusion

Baby boomers make decisions on their own, and no one can convince them otherwise. This is one of the reasons for making them productive, and they still feel that if they retire, they are still capable of driving the economy in other aspects of life through giving back to the society and opening businesses which will create employment opportunities for younger generations.

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