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Many of us grew up with a stereotypical life plan: I'll go to school, college, get a job, get married, have a family, get a home, and maybe even have a white picket fence and a dog. “Then magically, at 65, I will retire and can finally relax.”
Some of these notions have faded into oblivion - in fact, “retirement” has been virtually redefined.
We have reached a critical mass in which Baby Boomers now say they do not plan to retire. Retirees are applying for jobs, either out of economic necessity or the realization that it’s not “greener” on the golf course or tennis court. These individuals comprise what I call “Gen U,” or Generation Unretired, and many of us are headed in that direction.
The Signs
If, during the dotcom boom, you were certain that you could eventually live in utopian, financial freedom-style retirement at 50, that hope has likely been severely dashed – especially given the worst postwar recession.
Perhaps you tried a sabbatical or mini-retirement if you were lucky enough to time it right. But then you found yourself magnetized back to work all over again. This is a microcosm of what the Gen U evolution is about.
In the coming months or years you may be seeing your grandparents or parents return to work, if you haven’t already. They may be taking on jobs that you would have never imagined, or staying on at work. You may notice that time spent with you, or your family, is in shorter supply.
You may develop an unexpected bond with an aunt, uncle or older friend who talks with you about the unheard of: the latest strategic initiative – or even "terrible office tyrant" (TOT) boss encounters.
This Shift Can Be Great
If this seems like a bad dream, think again. While many of Gen Uers have had their nest eggs and homes decimated during the recession, not all of them are scouring job boards for financial reasons.
A number of people I counsel either have a desire to remain active, contribute, build something again, have social contacts, mentor junior staff, or just give back.
What About My Long-Term Dream?
If this smacks of a “back to school” feeling after finally graduating from college, you may want to rethink that perspective, too. Stress from boredom or a lack of sociability can also be overwhelming. Another quick analogy to help you see what others are valuing follows.
A person taking adult education courses while in the workforce often has a different outlook on learning than does a college freshman. There’s greater appreciation for the insights gained because the more mature student often has a more focused, deeper thirst for knowledge.
Similarly, someone returning to the office with a career full of experience, can more easily leave the enjoyment of worklife in, and a lot of the pettiness out. With age, comes wisdom that allows one to see the forest for the trees. Imagine that.
Often the work is part-time or even consulting oriented, so that seemingly elusive balance is available, leaving open a sense of joy at work. Imagine that.
This is not to say that all people will work to the grave. But the numbers are astounding, and certainly illustrate a shift.
Staggering Statistics
Not yet convinced of the Gen U evolution? Take a look at some statistics:
1) 93% of the growth in the American labor market from now until 2016 will be from workers 55 and older [because] new estimates show the average retired couple may need more than $300,000 in savings to live comfortably and pay off late-life health care costs. [Based on a recent study by the Pew Research Center].
2) Only 20% of retirees now feel very confident they have enough money to live comfortably throughout their retirement, down from 41% in 2007. [Employee Benefit Research Institute research].
3) Eight out of 10 baby boomers say that they plan to work at least part time after they reach official retirement age, according to the AARP.
4) 36% of those 56 or older are still working – more than ever. That’s more than twice as many as in 1984 [2007 Bureau of Labor Statistics report].
5) 9.5 million Americans are considering at least a partial return to the workforce because of the economic downturn, according to a recent study by Charles Schwab.
Other Interesting Facts
1) According to the Social Security Administration, if you are of full retirement age, the government will give you your full Social Security benefits no matter how much money you earn. (Note: If you return to work after you’re receiving Social Security benefits, but are not yet of “full retirement age” - usually 66 years of age - the government will deduct one dollar from your Social Security benefits for every two dollars you earn over $14,160 a year.)
2) Baby Boomers are earning online degrees in record numbers to train for unretirement [http://www.allonlineschools.com/online-education-resource-center/adults…]
3) Generational demographics: there are:
• 80 million baby boomers
• 46 million Generation Xers
• 78 million millennials (Gen Y)
So, is the glass half full or half empty? Ask an unretired returnee to the workforce. You’ll get a "Gen-U-ine" response that might surprise you.
