Why the Baby Boomer Generation is Waiting to Retire

Even though the traditional retirement age is 65 and the average retirement age in the United States is 61, Gallop reports indicate that nearly half of Baby Boomers plan on working until they are 66 or older. One in ten say they will never retire. While the uncertain economy may be contributing to this rise in retirement age, there are several factors Salt Lake City recruiters and Utah employment agencies should keep in mind when working with Baby Boomers in the workforce. Executive recruiters and staffing services who focus on healthcare and benefits, keeping Boomers engaged, and who consider solution staffing options, will be more successful when keeping this generation happily employed.

According to Ameriprise Executive Vice President Pat O’Connell, one of the top concerns for Baby Boomers when it comes to retirement is healthcare costs. Many believe the Affordable Care Act will leave them with fewer choices and less comprehensive care. They are also concerned about Medicare and the benefits they will receive under that plan. Utah staffing agencies, professional recruiters, and Salt Lake City employment agencies will need to appeal to these concerns when recruiting or sourcing for Baby Boomer jobs.

During the economic downturn of 2008-2009, Boomers who had plans to retire put those plans on hold. Economic uncertainty kept this generation in the workforce longer than expected. Many Baby Boomers didn’t plan well for their retirement years and questioned whether they were financially ready to retire. Executive recruiters and recruiting agencies in Utah need to understand the importance of 401(k) matching and other retirement incentives when sourcing jobs for the financially insecure Baby Boomer generation.

Many Baby Boomers refuse to retire because they want to keep their mind engaged with challenging work. This generation fears Alzheimer’s and other neurological disorders that can afflict older populations. Going to work and completing projects, gives them a sense of purpose and keeps them thinking. Boomers continue to be valuable assets to their companies or organizations. With Millennials entering the workforce, Boomers will be useful as mentors to these young minds. While Millennials may be more technologically proficient, they don’t have the long-term perspectives on trends in business that Boomers have experienced. Using a mentoring system can help both of these generations succeed within an organization.

Even when Baby Boomers do retire, many take up freelance or part-time work. While some feel the financial necessity to continue working, other Boomers continue to work because they love it. This should be good news to temporary staffing agencies in Salt Lake City and throughout Utah. Those looking for solution staffing should keep in mind the Boomer generation.