As the baby boomer generation approaches retirement age, demographers ponder what impact their exit from the workplace will have on the nation’s economy.
The conventional wisdom is that millions of new retirees will put a strain on the system that cannot be sustained.
But some are not convinced that the boomers are all that eager to retire. There is evidence that many are “re-careering” at the age when their parents were settling into their rocking chairs. This trend is aided by longer life spans that make the traditional retirement age seem younger than it used to be.
Megan McArdle conducts a careful examination of both sides of this equation, and comes to this conclusion:
If we will be worse off than we could be in an ideal world, we will still be better off than we are now, workers and retirees alike. We’ll not only be at least somewhat richer; we’ll also have years and years more to enjoy our health and wealth.
As a boomer myself who is sees retirement age creeping up on me, I can honestly say I really have no desire to retire. I enjoy what I do for a living, and look forward to many more productive years ahead.
Of course, it’s probably genetic. My 81-year-old mother — long retired from her “real” career, but still healthy and sharp — is still working at a part time job. Not because she has to, but because she’s bored sitting around the house.