In fact according to this article 46% of Baby Boomers expected to run out of money in retirement! At least this has improved significantly from the previous year when 57% expressed the same sentiment. Perhaps at the base of their concern was that 29% expected to still have a mortgage when they retired. The article suggested that Baby Boomers are doing it tough, living on a tight budget, doing their own odd jobs and reducing power usage.
Interestingly another Business Insider Australia article tells of Baby Boomers staying in the workforce longer.
Those Boomers who strongly agree that they currently “have enough money to do everything [they] want to do” expect to retire at age 66. However, Boomers who strongly disagree with this statement predict they will retire significantly later, at age 73.
The level of engagement in their work was cited as a major reason why people would stay on at work, with those remaining after they turn 65 expressing far more engagement in their work than those who retire earlier.
If you were working at a job you loved, or your own business that meant a lot to you, would you keep working indefinitely? Many people I know, small business owners who passionately believe in what they are doing, have no plans to retire and have created their business to suit their lifestyle. Others, employed and still enjoying their work, are intent on working beyond the traditional retirement age but often in a different capacity, on contract or part-time, so they can blend lifestyle choices with their working life.
So in an era when we are being told that the next generation will have to work to 70 what are your views on all of this? If you are still working is it because of the need for money? Or is it because you get fulfilment and purpose from your work?