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December 31, 2008
Career Path Logjam
Justin Katz
Robert Wendover, director of the Center for Generational Studies, offers some thoughts related to my concerns that some number of Baby Boomers won't accept it as their social duty to pass the torch along to the next generation:
... Regardless of their financial position, most Boomers are reluctant to leave the workforce. While income plays a role, there is also that many in this generation have tied what they do for a living to their identity as a person. Introduce yourself to a Boomer and chances are he or she will include a job title in the first few seconds of conversation. Assemble a few of them at a gathering and they'll find a way to talk shop. Outplacement counselors know that one of the biggest hurdles for Boomers in transition is to let go of the identity they are clinging to based on a former role. An impending retirement presents them with some of this same trepidation.Additionally, Boomers have tended to use their work environment as a source for building and maintaining a social life. There's the annual holiday party, the summer barbecue, the company sporting events and the monthly trade association meetings where 50-somethings take turns being volunteer leaders. Retirement can be the perfect storm: loss of income, loss of identity, loss of social circle. Why not remain in a role that is comfortable, reassuring and pays for the first and second mortgages?
5:56 PM
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Justin,
“Robert Wendover, director of the Center for Generational Studies, offers some thoughts related to my concerns that some number of Baby Boomers won't accept it as their social duty to pass the torch along to the next generation:”
The U.S. Census Bureau defines a Baby Boomer as the generation born between 1946 and 1964.
Which means a Baby Boomer age can be between age 44 and age 62 during year 2008.
Average retirement age is accepted at age 65 years old so a Baby Boomer has not even reached normal average retirement age during year 2008, 2009 or 2010.
Under new Social Security guidelines a Baby Boomer with birth date between 1946 to 1959 must wait till minimum age of 66 with increasing months added per each year over 1959 to collect full benefits. Any Baby Boomer born 1960 and after must wait till age 67 to collect full social security benefits. Age 70 is maximum age limit when you must start receiving your social security benefits.
But if you are advocating under Robert Wendover, director of the Center for Generational Studies definition of a Baby Boomer people age 44 to 62 should be able to retire and get out of the employment ranks for those age 30 to age 43, you should have no problems or complaints with federal government, State of RI, municipal and private company employees retiring at age 44 to 62 with full retirement benefits.
Posted by: Ken at December 31, 2008 7:29 PMWhat silliness! And on what do you expect the boomers to retire on? Social Security? With the economic morass upon us, which I see as a protracted decade long event, boomers should hold on to their jobs with white knuckles. The majority of us are walking an economic tightrope without a safety net....
Posted by: Auggie at January 3, 2009 10:58 PMClearly nobody who can't retire should retire. What's being addressed, here, is an attitude of "we're not going to leave, regardless."
Posted by: Justin Katz at January 3, 2009 11:24 PM