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Retirement Planning > Retirement Investing

No Golden Years For Boomers?

By Steve Tuckey

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No Golden Years For Boomers?

Half of Americans between the ages of 50 and 70 want to continue to work – or already are working – past the normal retirement age, and many of those individuals say “post-retirement” jobs should offer health benefits.[@@]

The MetLife Foundation, New York, and Civic Ventures, San Francisco, have published figures describing older workers in a report on a new survey of 1,000 Americans in their 50s and 60s.

For the purposes of this survey, researchers classified individuals in their 50s as boomers and individuals in their 60s as “pre-boomers.”

Although some some boomers who retire may choose to become volunteers, boomers probably will be making most of their contributions through paid work, according to Marc Freedman, president of Civic Ventures, San Francisco, an organization that wants to help nonprofit groups find ways to appeal to boomers looking for volunteer positions and new, more flexible paid work.

“Baby boomers will not only invent a new stage of life between the middle years and old age, but a new stage of work,” Freedman says.

Only 25% of the survey participants called retirement an “end to your productive years.” Nearly half said that this was an inaccurate description, according to the authors of the survey report.

Of those survey participants who say they will never retire, 62% say they are interested in a career of service while 38% said they never would be.

Participants continue to be interested in benefits in retirement as well as in pay.

Although 58% of the participants said the ability to work part-time would make them very likely to consider taking a specific paid job once they retire from their current jobs, 55% said availability of health insurance would make them very likely to consider a paid post-retirement job.

Meanwhile, 63% of the participants said they would be very likely to consider a specific paid job if they could collect their pension benefits and Social Security benefits without penalties while holding the job.

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