A recent Opinion piece in the Sunday NYT quotes a surprising fact: “recent studies in Britain and Germany find a positive correlation between labor force participation among the elderly and youth employment.” As they earn more, they spend more first of all. (Boomers will second that.) http://www.nytimes.com/2011/11/20/opinion/sunday/retirement-goodbye-golden-years.html?scp=1&sq=boomer%20retirement&st=cse
And older workers may be more likely to be entrepreneurs, imparting valuable skills to the young. Older folks ( I still deny that I am one of those…) are very often the MOST ENTREPRENEURIAL! The example given is Palm Beach, which has the highest self employment rate in the country. Listen carefully, AARP: Don’t think of Florida as “retirees”….think of them as “re-inventers” with the ideas, skills, energy, and yes sometimes, the NEED to keep working well past the so-called golden age of 65.
I personally never thought it was going to be too “golden” anyway. At least not in that sense.
Like most Boomers, what keeps me going is that I still think I can make an impact on the world, somehow, and that people will care to listen if I have something to say, no matter what the “clock age” says. Those experiences will be my new definition of “the golden years.”
The WSJ today says that the number of people 90+ has nearly tripled since 1980 to 1.9 Million. They go on to say that “this group is projected to increase to 8.7 million by mid century. A century ago, fewer than 100,000 people reached 90. ” They say that better nutrition and medical care have driven down the number of strokes and deaths from heart disease. Here are the states with the highest share over 90: North Dakota, Connecticut, Iowa, South Dakota. In terms of absolute numbers: California, Florida and Texas lead the nation in the 90+ group.
Baby Boomers are going to upend these numbers. Who is thinking and planning and preparing for that. Maybe not the Boomers themselves. Many are still in denial, since the average is 55 years old…and they’re still working.
Wait till we make 90 the coolest age to be! Count on it…
This is from Smart Money’s list of “World’s Most Influential Players.”
We know this, but it is interesting that Smart Money is just discovering the most influential generation in history… and the one spends the most and votes the most, so their influence can only grow.
With $14 trillion in assets and a proven willingness to spend, this group has been driving the economy. As the first wave turns 65 this year, many hope those wallets will keep opening.
Jane & Joe Boomer
They grew up watching The Andy Griffith Show, came of age during the tumultuous ’60s and bad-hair ’70s, raised their kids, and now…10,000 of them are hitting retirement age every single day, on average. But don’t think the 80 million-strong baby boom generation is going to go quietly to the land of canasta and early-bird specials. With a median age of 55, most boomers are not only still working, earning and saving; they’re also spending like crazy — buying some $2.6 trillion worth of stuff in 2009 alone. Indeed, the current crop of 45- to 64-year-olds spends 70 percent more than the same age group spent a decade earlier.
But while money is power, as the saying goes, that isn’t the only mark of their might: In the 2008 election, 65 percent of this generation reported casting a vote (a much greater proportion than that of most other age groups). And in 2012, experts say, it will be boomers, again, who decide who makes the rules.”