Monday, February 9, 2015

Aging in the Workforce: Baby Boomer's Retirement Crisis

When it comes to baby boomers, retirement is a major issue, there are things that worried and terrified them, thus, a lot of boomers are planning to stay in the work force to build a bigger nest egg, and wants an extended time to accumulate more money.
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The decline and increase of the number of people in the labor force are results of the trends of how people see retirement and how they are preparing for it. Over the past three years, there is an increasing number of people working over the age of 55, and this is seemingly evident with women, there is a higher number of females past the retirement age, but are still working.

A lot of factors are associated why there is an increasing number of baby boomers who are still active in the work force despite having old age. a survey revealed that health an d long-term care cost crims retirement and are delaying retirement to keep their children on their employer-based health insurance plan. For some, they are delaying retirement to get more social security benefits.

In an article at ASSPA, the issue about baby boomers still working was discussed. Although a survey showed that a big percentage of boomers intend to work as long as possible, by the time they reach their retirement age, there is a decline in the number of people. And even though the reason why more boomers are still working is due the rising cost of health and long-term care, boomers seem to ignore planning and discussing this topic with loved ones, and turn to keeping themselves busy working to save more money.

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