Forgoing retirement isn’t an option for your clients despite the commonly held belief that we’re healthier than previous generations. Here’s why.
Helaine Olen hits the nail on the head when she calls the idea of baby boomers working well into their 70s instead of retiring, “retirement porn.”
Organizations such as AARP are actively promoting this unrealistic ideal in national publications such as Fortune magazine and it’s not doing boomers any favours.
Olen points out in her article
“[T]o this generation, ‘retirement’ usually means finding a different job,” Fortune
opined last month. AARP’s magazine, not to be outdone, recently featured a woman who came out of retirement, quickly landing a job as the head of human resources for a charter school chain—at the age of 70. “I work a nine- or 10-hour day,”
she gleefully told the magazine. That wasn’t enough for the Wall Street Journal
, which upped the ante with “A Retirement Age of 100? It’s Coming.”
Olen believes that financial desperation is what’s behind this desire to work past 65 and it’s not going to get better with the passing of time because Gen Xer’s aren’t exactly financially flush. Making matters worse: many retirement experts are recommending people remain in full-time employment for as long as possible.
The only problem is this often isn’t possible.
Last October WP wrote about full-time workers having to retire
early because of health issues preventing them from continuing in their jobs, exacerbating their retirement readiness, already in a poor state due to insufficient savings.