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Retirement Trends
According to the Office for National Statistics the number of pension-aged workers surged to more than 1.1m in 2005, the highest level since records began in 1992. By 2010, forty percent of the workforce will be aged 45 or over, and the proportion of older people in the population is growing.
Onrec.com, March 23, 2006
The "New Retirement Survey" published in 2005 by financial management firm, Merrill Lynch, surveyed nearly 3,500 baby boomers throughout the United States to learn how they view retirement. The survey found that the boomer generation, with its longer average life expectancy, is redefining the notion that work means staying in the same field until retiring to a life of leisure. Boomers see retirement as a cycle in their lives that will alternate between a "creative leisure" and a desire to work to stay mentally and physically fit, the survey said.
As a result of their longevity bonus, they may be more likely to embark on new careers in their 40s, 50s or 60s -- either because they have to work for financial security or because they grow tired of their long-standing career and realize they have time to make a change.
Business Journal of Milwaukee, January 13, 2006
The aging workforce numbers are sobering, according to a recent report by the Conference Board Inc., a research service for executives. By 2010, the number of 35- to 44-year-olds who normally enter the ranks of senior management will stop growing. U.S. workers aged 45-54 will grow by 21 percent, while those 55-64 will increase by 52 percent. The result is that 64 million baby boomers (more than 40 percent of the U.S. labor force) are poised to retire in large numbers.
Atlanta Business Chronicle, January 13, 2006
There is a growing number of women in their 60s and beyond who are extending their careers past normal retirement age. Twelve percent of women over 65 are in the workforce - the highest on record. For men, the figure approaches 20 percent. A new study by Putnam Investments, "The Working Retired," found that one-third of newly retired men and women, with an average age of 61, returned to work after 18 months. Two-thirds chose to work, while one-third had to work.
The Christian Science Monitor, January 4, 2006
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