May 24, 2011 — Not so long ago many institutions were bracing for a wave of baby boomer retirements that were going to leave them with a major talent shortfall. But up until 2011 the opposite has been true, we pesky boomers seem to have been delaying retirement, and in fact we have clogged up the talent path for newer job seekers.
Multiple reports in the press have detailed the “just say no to retirement” phenomenon. The reasons for it are well known – just about everyone’s retirement fund took a hit a few years ago, while millions of boomers have neither… saved enough for a comfortable retirement nor received the pensions they expected when they started their careers. Beyond financial reasons, many boomers enjoy working and have no intention of stopping.
Negative Publicity about Public Sector Pensions/Benefits Could Change That
The recent torrent of publicity about state indebtedness and pension and health care underfunding could bring back the expected tsunami after all. Droves of federal and state workers, concerned about what could happen to their promised benefits, are re-considering retirement after feeling the rush of negative publicity. A common comment is that if legislators are going to take away benefits, they might as well retire now and collect what they can get. Stateline has a good article on the phenomenon, “Is the State Retirement Boom Finally Here“?
More on Boomer Retirements
Ralph Smith provides plenty of details about federal retirements in his article in Fedsmith, “Changes in Attitudes, Changes in Latitudes – the Elusive Retirement Tsunami“. Smith points to a recent survey of federal employees in which “31% of those taking the survey and who are eligible to retire indicated they are planning to retire sooner than they had planned.” A similar article, “The Retirement Event That Shall Not be Named“, provides more info. Another reference to check out is: “People Plan on Working into Their 70’s – or Later“.
Nobody really knows when the retirement tsunami will hit, but it will come someday, even if we all work into our 90’s.
Comments: When are you planning to retire, or not? Please use the Comments section below to share your thoughts with our fellow members.