Here are the results of a survey that was featured in the August issue of Money magazine. It addresses the topic of how Baby Boomers plan to spend their retirements:
- 42% work and leisure
- 17% never work for pay
- 16% work part time
- 13% start their own business
- 6% work full time
- 6% other
This was surprising to me, but I feel it's pretty realistic. Given the state of most people's retirement savings (very small) and the amount Social Security contributes to monthly expenses (also small), more and more people will need to work during retirement. This isn't necessarily a bad thing -- the U.S. will keep a well-experienced and knowledgeable set of workers and the workers themselves will stay active (we've all heard the stories of people who retired and did nothing and were dead six months later). However, this could be an issue for younger workers (who may be competing for the entry-level part time jobs older people could be taking). Stay tuned.
Update: Time to link to the Beltway Traffic Jam.
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