Boomers Will Work Til They’re 90. No Wait, They’re Retiring Now. No Wait!

Elderly manA couple years ago everyone was saying that Baby Boomers would retire en masse and leave gaping holes in the workplace (not to mention the strain on our social security system). That turned out not to be true, as 401(k)s have been demolished and Boomers have stayed on the job. Just six months ago a CareerBuilder survey found that 2/3 of workers older than 60 said they planned to postpone retirement.

But now Boomers are retiring again. According to the LAT and Workforce’s Business Of Management blog, Social Security retirement claims are up 25% from last year. Suddenly everyone’s financially secure enough to retire? Hardly.

John Hollon writes: “Yes, a lot of older workers want to keep working, but what do you do if you lose your job, can’t find a new one, and have the Social Security retirement option available?

If you are in that kind of fix, you do what most people would do: You take the retirement money and run, even if that’s not what you planned or wanted to do.”

On average, it takes a 55+ laid-off worker a month longer to find a job than a younger person. So some of these Boomers, according to the LAT, are even opting to take reduced benefits by retiring early—because it’s all they can get.

Cristina Martin Firvida, director of economic security for AARP, said: “When the recession ends and the economy bounces back, there may be a band of people for whom things will never be the same again. They’ll still be paying the price for 10, 20, 30 years down the road.”