My Boomer Tips

9 Responses to “Why won't the American Baby Boomers retire at 55?”

1. mandysullivan2002

   January 27, 2011 at 3:37 am

   Baby Boomers will not retire unless they are forced out.

   This is a worldwide problem.

   The reality is that most of today’s middle-age workers want to continue working after 60 or even 65.

   40% of current retirees were forced to stop working.

   Boomers have a financial incentive to work past 65. Older boomers cannot receive full Social Security benefits until 66 or later; those born in 1960 or later are not eligible until 67.
   Individuals can start taking partial Social Security benefits at 62, but if they do, they will continue to receive a reduced amount for the rest of their lives.
2. Lani C

   January 27, 2011 at 3:37 am

   Because they can’t afford to
3. annie

   January 27, 2011 at 3:37 am

   they cant afford it: they are still active and want to remain in the jobs and enjoy the sucessfull years: They may have 40 years to live and are in good health.
4. Granny

   January 27, 2011 at 3:37 am

   Most don’t have an early retirement pension, and even at retire age living on SS is tough if you haven’t socked away some money or made good investments.That’s way so many parents live with their kids in their later years.Trust me its no picnic.
5. lil90396

   January 27, 2011 at 3:37 am

   because most Americans don’t have enough saved for retirement. Unless you’re disabled, you can’t get Social Security until 59 1/2 and SS probably won’t cover any expenses. Most retirement savings plans are the same way. I am willing to work the extra 10 years so I can maintain my living standard for retirement.
6. lingua06437

   January 27, 2011 at 3:37 am

   1) They can’t afford to.
   2) 55 is very young. What the heck should they do with all that time they will have?
7. scottFL007

   January 27, 2011 at 3:37 am

   First, the 55-year-olds don’t have enough money saved up to survive in retirement. Second, we live in a free country, where people are allowed to work whenever they want to. Finally, if we forced every 55-year-old to retire, our economy would be hurt, not helped, because many of those 55-year-olds are the ones who provide the jobs by starting businesses.

   If you want to live in a controlled economy and live through Fascism, move to China. It sounds like you’d be happier there.
8. tateronmycouch

   January 27, 2011 at 3:37 am

   The average life expectancy of humans has gone up considerably. It’s not at all unusual to live past the age of 100 anymore. How could one be expected to live for the next 50 years on income that they’ve only managed to save for around 25-30 years? Fifty-five is no longer considered "old". People are in the prime of their lives then. Most, having just gained control over their finances by this point. I am 31 years old and still have a GREAT-GRANDPARENT who works part-time in a demanding nurse position and probably gets the job done with more efficientcy than those younger girls.

   Something that you’re probably not considering is that when the baby boomers retire and open up all of these so-called "jobs" is that the major companies are just waiting for that to happen so that they can move operations to another country and lower their labor costs. Or, at the very least, hire in the new, younger people at around minimum wage. I’ve watched it happen here with all of the major automotive companies. As soon as those "seniors" took the buy-out and left their $30/hour jobs, a massive hiring went into effect…for $7.50/hour for the same exact job. It won’t solve anything to force retirement on people who have a lot of good years left.
9. spot

   January 27, 2011 at 3:37 am

   Because most industries in China are government owned. Remember Chinese government is controlled by Communist party? Sometimes what they decide to do doesn’t make much sense. If they can say only one child is allowed per family, they can make you retire and stay home when you are 40.