Baby Boomers and Delayed Retirement or, 80 is the new 65!
Baby boomers are starting to join the ranks of those aged 65 and over, and the 'greying' of the workforce is only just beginning. According to the U.S. Bureau of Labor Statistics, between 1995 and 2007, the number of older workers working full-time nearly doubled.
For the period 2006-2016, their data projects an 8.5 percent increase in the workforce, but when analyzed by age categories, different trends emerge. The number of workers in the youngest group, age 16-24, is projected to decline during the period, while the number of workers age 25-54 will rise only slightly. In sharp contrast, workers aged 55-64 are expected to climb by 36.5 percent. But the most dramatic growth is projected for the two oldest groups. The number of workers between the ages of 65 and 74, and those aged 75 and up, are predicted to soar by more than 80 percent!!!
Statistics Canada also reports that older workers have been increasingly delaying retirement since the mid-1990's. There are a number of reasons for this: individuals are living longer and are in good health, and there are greater opportunities for boomers since the cohort following them into the labour market is smaller. Also, rising debt levels and shrinking nest eggs may be a factor.
Recently, the executive vice-president of the Wells Fargo Insitutional Retirement & Trust, Joseph Ready was quoted as saying "80 is the new 65...people are starting to move toward understanding...what they're gong to have to do to make it in retirement."