Delayed Retirement | A Cloud Backed Silver Lining

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Boomers Experience Delayed Retirement

Boomers have always driven trends because of their sheer numbers. They caused the development of baby product companies like Gerbers, the boom of subdivisions, the rapid building of schools and the education system’s size. In turn, their investing drove stock booms and credit squeezes, real estate bubbles and now, youth unemployment. Why? Because they have delayed retirement, that’s in a large part why.

There are a number of reasons for the phenomenon of delayed retirement, and it has had some unique impacts in some rather unexpected ways. One of the first reasons is the obvious one. The cold, hard truth is that many boomers can’t afford to retire. At least not in the style that they have envisioned, with travel and carefree recreational pursuits stretching out in front of them through a long and relatively healthy retirement. First of all, that type of lifestyle requires a lot of money, and secondly, if you do live longer then you will need more of it.

delayed retirement

A lot more of it, as it turns out. And with the current economic considerations and conditions, they have become increasingly careful and are staying at work longer, and or are downsizing or delaying their retirement options and dreams. Retirement havens have changed, and now there are more and more retirees looking not just at Mexico, but also Central and South America as places to spend their golden years. The fewer dollars that they have go further there.

Delayed Retirement Actually A Good Thing?

There is a good news side to all of this, although not if you own real estate on the west coast of Canada or the sun states of the US. The predicted sharp increase in populations and housing values will be muted much more than expected, due to delayed retirement and many boomers having to stay close to where they work. It also plays well into the enormous skills shortage that is being experienced with the trades, and other key segments of the economy that simply cannot be filled by the well educated, but relatively unskilled youth of today.

They in turn have had to wait their turn at meaningful long term employment, so much so, that Gen X and Gendelayed retirement1 Y have grown frustrated and looked to other ways to make their money, often opting into business for themselves or taking on multiple jobs simply to make ends meet. The good aspect of the boomer’s delayed retirement, is that the younger workforce has an opportunity to learn from the boomers over a longer period of time. This transfer of knowledge is invaluable, and will greatly enhance the skill set of the younger generations who will find themselves facing an even longer working life than the boomers have, in part due to a delayed start and a severe shortage of younger cohorts to take over their positions.

For boomers there is a mixed reaction grading from acceptance to frustration. They saw themselves sailing and golfing and going places they had never been, having lots of leisure time with friends and just enjoying life. And then they discovered something along the way. They were already doing all these things even with the dreaded job. Just not as often, or as much as they would like. They have begun looking at other ways of making income to augment their retirement fund and to allow themselves to do more of the fun things in life. Some have opted to contract out their services and become working retirees, taking jobs that allow them to retain their retirement savings for later withdrawal and give themselves more income for immediate disposal. Many have started new businesses or taken advantage of internet commerce as a way to buff up their nest egg.

It’s a complex situation with a lot of potential spinoffs, but one thing is abundantly clear. Retirement at age 55 isn’t happening. For ample evidence, you need look no further than the nearby housing complexes with age restrictions of 55 or older. I will bet you cannot find 20% of the population in any one of those complexes between 55 and 65. Because everyone is older, and those under 65 are still working. Look around for yourself, and then decide if you want to wait it out, and have a delayed retirement, or if you want to do something other than what you are doing.

Till Next Time….

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Sigrid McNab

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About Sigrid McNab

Sigrid McNab is the author of #1 Amazon Best Seller, speaker and the CEO and Founder of sigridmcnab.com. Sigrid specializes in blogging, attraction marketing, and generating highly qualified leads. Sigrid teaches people how to build a successful online business.

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2 Responses to “Delayed Retirement | A Cloud Backed Silver Lining”

  1. dagmar wichary Says:

    I agree with what you mentioned in this blog. My family is also affected by this, be it the Baby-boomers or finished University. Fully qualified but no jobs. It is so sad.

    [Reply]

    sigrid Reply:

    Dagmar, I agree, it is sad.

    [Reply]

    Reply

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