A study from 2010 conducted by the U.S. Census Bureau found that 69 per cent of baby boomers are expecting to work well into retirement. After doing a little study on my own, I discovered the top five commonly used reasons for this.
1. Insufficient retirement funds
This is a matter of straight and simple. Many people are motivated by need more than anything else. The housing and stock market markets have had an impact on all of us’ retirement. The issue for boomers is that their time is closing quickly, and they aren’t able to find enough time to accumulate substantial retirement funds if their retirement accounts have been depleted.
2. Are you looking to maintain your current lifestyle?
This one really surprised me somewhat. I discovered that the majority of boomers don’t wish to reduce the dimensions of their homes or downsize to one vehicle or limit the number of trips they go on. Since they are generally well-nourished, They are actually looking for more vacation time, the sports car they’ve always desired, or a second home in their favourite holiday spot.
3. Many people are in debt.
Not surprising. However, the numbers are much higher than you believe. For instance, I discovered that many boomers are only 5 to 8 years into their mortgage. Because that credit was calculated on the top income, they have an enormous loan on a dream home. That means they’re in the potential to borrow anywhere from $100k to $500k, and that’s not going to change any time soon. In addition, they recently bought a brand-new automobile or two or that condominium on the shores of the Bahamas. Many of these purchases were made as they were retired and their accounts were growing, and they were expecting to pay for the costs and even more.
People aren’t only living longer, and many are also living in healthier health. This means they are physically fit to work for longer. In the interest of pride, a majority of Americans are determined to work for as long as they can. This means that nutritional health plays an important factor in people who are working longer.
5. A need within to leave a mark
One trend I’ve observed growing is that there’s an incredibly small number of boomers who don’t need to work when they retire. However, they choose to take on the task in order to leave something behind for their grandchildren and children. They wish to give their children the advantage or at the very least a cushion which they don’t have. one method to achieve this is to work or launch a business during their retirement decades.
6. Want to be an entrepreneur.
Another rising trend is the desire to become an Entrepreneur. We are witnessing that many boomers have been employed over the past 30 years or so; however, they always wanted to venture into owning their own business. In some way or another, they didn’t, and now they have time and health as well as a tiny amount of money to begin an enterprise, purchase franchises or even buy out an existing business.