So what are YOU going to do when you “Retire”?
There has been a lot of talk in the media about Baby Boomers taking a second look at retirement due to a host of reasons least not being that traditionally these are people who LIKE to work. The media has reported that Baby Boomers are nervous about the economy and yes that probably has something to do with this, however its my opinion that Baby Boomers will remain in the workforce due to the fact they have spent a majority of their adult life in the workplace, and they are comfortable there. Let’s face it they have something to add to our marketplace and to be frank US businesses need Baby Boomers to stick around.
Wait…….I have research supporting this theory! The following research by gerontologist and author Ken Dychtwald, Ph.D., The New Retirement Survey supports that baby boomers have very different drivers than the typical job seeker.
ü While 76% of baby boomers intend to keep working and earning in retirement, on average they expect to “retire” from their current job/career at around age 64, and then launch into an entirely new job or career.
ü Baby Boomers reject a life of either full-time leisure or full-time work. When asked about their ideal work arrangement, the most common choice would be to repeatedly “cycle” between periods of work and leisure (42%), followed by part-time work (16%), start their own business (13%) and full-time work (6%). Only 17% hope to never work for pay again.
ü Baby Boomers aren’t staying in the workplace for the money! While 37% of the boomer generation indicate that continued earnings is a very important reason to keep working, 67% assert that continued mental stimulation and challenge is what will motivate them to stay in the game.
All this begs the question: What are you going to do in the next phase of your life?
Chances are you probably are going to start by looking for a part time job that has nothing to do with what you are doing now. You will look for a job you can enjoy and has benefit offerings for part time employees. Try searching for companies who value what you the baby boomer bring to the table.
These are a few companies who stand out in the pack of companies who appreciate baby boomers:
ü Starbucks benefits package that includes medical insurance, a retirement package and stock options, each “partners” who works 20 or more hours per week at the Seattle-based coffee chain receives a pound of free coffee each week.
ü UPS nonunion part-timers pay approximately $50 a month for health care. Nonunion part-timers who participate in the 401(k) plan receive an immediately vested 100 percent match on the first 3 percent of compensation contributed, and both union and nonunion part-timers are covered by defined benefit retirement plans.
ü Home Depot offers part-timers the opportunity to participate in benefit health plan, a dental plan, term life insurance and short-term disability.
I know if it were me, I would pick a job where I could interact with the public and help people. Baby boomers offer a lot to companies and customers, it’s our job as employers to tap into the Baby Boomer Resource. In a recent post I wrote about how there seems to be a lack of knowledge in the world of customer service. Trust me no matter what type of job you pick you will be appreciated if you can give customer service!