Boomers and Retirement

I was reading the Houston Chronicle this morning and there was an article from the Associated Press about how Baby Boomers (the first in that group reaching 62 this year) being anxious to retire. Increasingly, the article states, Americans are forgoing the desire to retire because they simply can't afford to do so.

There is no doubt that Americans are terrible savers. Most are not placing enough aside for a rainy day, let alone for long term time off. Furthermore, the Social Security system is a shrinking and shaky long term source of retirement dollars. In spite of these realities, I believe the paper is misleading readers when it comes to the status of Boomers.

Now my retort will be anecdotal, so I will warn you of such in advance. But I know very few in their early 60s who are even interested in retiring. When Social Security was established, very few Americans lived much longer than to 65. It was a system that would stay solvent because few would be on it very long. In the 1930s when the system was established. 65 was old.

That isn't the case any more. It is true, most people in their 60s want to do things that are different, but few are looking death and the face and few are even thinking about not working. What most are considering is a different type of work. They are thinking about retiring from one job and creating a new business. Or doing another job in addition to their primary vocation. But few are thinking about being through with work, in my experience. Baby Boomers are living longer and better than previous generations, retirement isn't an even common expression among this group.

Click the image above for a discussion from the Movers and Shakers segment of the HoustonManufacturers.com TV show on Baby Boomers.

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Kevin Price is Host of the Houston Business Show (M-F at 11 AM on CNN 650) and Publisher of the Houston Business Review. Hear the show live and online at HoustonBusinessShow.com. Visit the archive of past shows here.