“Age is an issue of mind over matter. If you don’t mind… it doesn’t matter.”
– Mark Twain
Much has been written, in this column and elsewhere, about how the failure to adequately plan and prepare for retirement will keep many baby boomers in the workforce longer than they wish. The U.S. Bureau of Labor Statistics reports the number of 55-and-older workers is expected to grow at an annual rate four times that of the overall labor force.
But, these data also reflect a significant number of boomers who — thanks to good health and education — will choose to work on a full or part-time basis long after they qualify for retirement. Retirement for them will be a long-term mix of work and leisure activities.
Labor force experts predict a shortage of workers in the future, based on the relatively small population of gen Xers following the baby boomer generation. Many boomers will be willing to help fill the void — but only on their terms. Part-time, job-share and consulting arrangements will become increasingly common. Already, 30 percent of all baby boomers are self-employed, according to INC.com.
This trend offers several implications for those of us in the financial services profession.