Nearly half of boomer workers will work through age 66 or beyond.
Money worries figure heavily into the decisions of 49 percent of working baby boomers who predict they won’t retire until age 66 or later, according to new Gallup research. Boomers who strongly agreed that they “have enough money to do everything [they] want to do” said they’d retire at 66. Those who strongly disagreed expected to retire at 73.
These numbers are significant because boomers (born 1946–64) comprise a hefty 31 percent of the workforce; millennials (1980–96) and Generation Xers (1965–79) make up 33 and 32 percent respectively. The remaining 4 percent are traditionalists (1900–45).
Bottom line for business owners: Boomers need to be engaged in their work. Engaged workers—regardless of age—tend to have superior health, well-being and productivity compared with non-engaged and actively disengaged colleagues. A targeted effort to engage boomers could improve health care costs and productivity for individual companies as well as the U.S. economy overall. Currently about 31 percent of boomers are engaged at work compared with 38 percent of traditionalists, 30 percent of Gen X workers and 28 percent of millennials, Gallup reported.
Whether you’re thinking about retirement or not, you do need to think about a retirement plan. Planning for your financial future can be an overwhelming process—so read our tips on how to arrive at the best savings strategy for yourself and your employees.