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When Do Baby Boomers Retire?

When Do Baby Boomers Retire? Of course, there are many people in the Baby Boomer age group (born between 1946 and 1964) who are well financially situated to retire, or have retired already and are in good shape financially. At the same time, there are many for which this is not the case. baby boomer retirement

Let’s spend a few moments, and take a closer look at this and see what we come up with. Regardless of the state of affairs impacting the retirement of baby boomers, there are always viable solutions.

When Do Baby Boomers Retire? — What are some of the Statistics and Facts?

The oldest baby boomers are in their seventies (70’s) while the youngest are around fifty-five (55) years of age. Companies are not only faced with the cost of so many people retiring or getting ready to do so, but the other challenge, and even more important, is the loss of all the knowledge and skills which this generation possesses.

Also, it’s hard for companies to predict when and how this will affect their overall operations. Since many people work longer these days, rather than retiring upon reaching a certain age, companies are facing somewhat of a moving target. For example, in 1995 only thirteen and a half (13.5%) percent of American workers intended to work beyond the age of sixty-five (65), in 2018 that figure is now forty-one (41%) percent.

In addition, the age which you can get full social security benefits has risen. If you were born prior to 1937 it is still sixty-five (65) years old, but for those born in 1946 the retirement age is now sixty-six (66), and for those born after 1960 is age is now sixty-seven (67).

Many workers do not know when they will retire given their current circumstances, financial and personal, so it is hard for employers to determine exact figures. People are also reluctant to be transparent about this because they may change their minds and do not want to risk being replaced if they do.

Many will only retire when forced to do so, and there are a lot folks working not because they love their jobs, but because of financial circumstances. As I mentioned in a few previous posts concerning this subject, one being, How To Survive Retirement, and another, The Baby Boomer Retirement Crisis, there are many challenges, but at the same time solutions are also available.

In fact, I would suggest you browse the entire category I have created on Baby Boomers, as there is a lot of info there that may be helpful to your particular situation. As I mentioned in some of these articles, fundamental changes in the retirement system here in the United States have contributed greatly to current financial challenges among many of the baby boomer generation, and the last two (2) recessions did not help at all.


“During the Enron debacle, it was workers who took the pounding, not bankers. Not only did Enron employees lose their jobs, many lost their retirement savings. That’s because they were at the bottom of the investing food chain.”

— Robert Kiyosaki —


Given all these variables, there is no longer a specific given moment when a person says, “this is it; I am now retired”. Many continue to work part-time with their same employer, while others do consulting work or pick up a few gigs here and there. Many companies are now offering shorter hours and /or partial-year employment. This trend is anticipated to double by 2020 with two (2) in five (5) companies offering such options.

Although the service and retail sectors are not as concerned, companies in the non-profit and mining industries (2 out of 3 employers) and manufacturers (4 out of 5) have expressed grave concerns about losing their elderly talent. Finding people with similar knowledge and skills is not easy.

In addition to the job market and social security being affected by all these folks at retirement age, consumer spending is also affected. The people that do retire have social security benefits which provide around half, give or take, of what they originally earned. Unless a person has other sources of income like pension and private retirement plans, they will need to cut back on spending.

A Few Ideas to Sort Things Out — A New Beginning

Regardless of one’s current circumstances, it is important to do some planning and stick to sound financial principles like save as much as you can, investing in a low-cost portfolio that is diversified, and knowing you can deal with whatever comes your way. If you have lived this long, you definitely have some good survival skills. When Do Baby Boomers Retire

But at this point in our lives we desire to move beyond survival to an enjoyable lifestyle filled with many attractive choices. Spending quality time with our families, traveling as much as we desire, engaging in the hobbies we most enjoy, volunteering for the causes which are most dear to our hearts and expressing our creativity in these and many other ways.

I consider this time of our lives as a New Beginning. There is so much to learn and do that boredom needs never enter the picture. I know a few folks who have more financial resources than they can exhaust in this or several lifetimes, and they are simply not enjoying their lives.

If money is an issue find something you enjoy and is good at and share your knowledge with others. In this age of technology, there is no excuse for not having options to create additional money doing what you like to do. Here is my #1 Recommendation for learning and earning in an area of expertise in which you can share valuable knowledge with others and help solve their challenges and problems.

For additional information on how Baby Boomers can create additional income check out my article on Baby Boomers and Marketing.

Baby boomers, seventy-eight (78) million individuals, have greatly impacted the habits and mindset of the market for six (6) decades. This is not going to change now as more and more baby boomers are creating businesses of their own.

When Do Baby Boomers Retire — New Expectations

People in the baby boomer generation are motivated and willing to try new things overall. More and more folks are into working out and aerobics and similar activities rather than the standard bridge clubs or bingo night out. These people are redefining aging and retirement.

Even with other responsibilities such as work and taking care of aging parents, more and more boomers find time for enjoyable activities. This does include various sports as well as hitting the gym. Jogging, golf, walking, and tennis are a few of the more common, as well as martial arts for some.

Continuing to enjoy music, going to concerts, and dancing are all favorite activities, as the boomers accounted for twenty-five (25%) percent of music sales in 2006, and twenty-five (25%) to forty (40%) percent of this generation own an iPod or MP3 player.

For the more adventurous boomers, we have extreme sports such as paragliding, skydiving, and rafting. A few even go in for rock climbing and bungee jumping.

On the quieter front, many find a fulfilling outlet by volunteering for their favorite charities and causes. Also, many “do it your selfers” will keep busy with projects around the house.

With around fifty (50%) percent of baby boomers familiar with the internet (20% are confident with its use), many enjoy learning technology as most have a desktop computer and cell phone. Many enjoy using technology to reconnect with past friends and maintain new ones. They also enjoy online dating.

Finally, most baby boomers find fulfillment in spending quality time with family and friends. They also enjoy interacting with people in public so they tend to engage in face-to-face outings such as art galleries, sporting events, and other cultural experiences.

So When to Retire?

Let’s finish up this discussion with a few more thoughts on this subject.

Well if you are like me, the Un-Retired Entrepreneur, full retirement is not an option. It all goes back to my catch phrase of “why retire when you love what you do?”. Finding meaningful activities is an ongoing process throughout life. No need to stop when the calendar hits a certain date.

In order to release the Genius within ourselves and live our lives, whether retired or not, as a New Beginning, it is critical for us to form new habits as well as change a few of our beliefs of what is possible. It is just a matter of getting clear on exactly how we wish to design our lives, and then committing to do so.

In the book Psycho-Cybernetics, Maxwell Maltz indicated that it takes twenty-one (21) days to change a habit. This idea caught on and was picked up by many personal development teachers such as Tony Robbins, Zig Ziegler, and Brian Tracy. The only thing is this idea was based on Maltz’s observation and not scientific fact.

In July 2009 a study was published in the European Journal of Social Psychology by Phillippa Lally who is a health psychology researcher at the University College London. Her results indicated that it takes sixty-six (66) days to form a new behavior which is automatic. The time period for a new habit varies depending on the exact behavior, the circumstances, and the person. It was found that a new habit can take anywhere from eighteen (18) to two hundred and fifty-four (254) days.

Also, it is not an all-or-nothing process. If you miss a day or two here or there you can still get your desired results.

The key point here is that if one commits to learning something new for sixty-six (66) days, it then becomes a part of a person’s natural routine. There will be some struggles and ups and downs during that time period, but once you get it on automatic is becomes natural and easy.

So no matter whether we retire early, later, or not at all, we can all live fulfilling lives that make a difference in the experiences of others and the entire world. No matter what our age this is a New Beginning, which makes the question of when baby boomers retire rather insignificant.

May you all enjoy Expanded Lives full of Peace and Joy.


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When Do Baby Boomers Retire

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16 thoughts on “When Do Baby Boomers Retire?”

  1. Thank you for your post. It is a timely article for me. I was born in 1963 and am closing to retirement age. I have been thinking about the retire for a while now. It is hard to make any solid plan.

    Here comes your article. It is a real issue, do I retire at all? I have a lot of plans for my retirement. My wife and I love travels and would like to see the wonders of the world. Cost is apparent and may be higher than our current level. In order to maintain our current living standard, we need to have income closing to our current one.

    Retirement means the significant reduction of our income, which could not support our planned retirement plan. It looks like that we need to work as long as possible.

    It is kind of you sharing this useful information with us.

    • Thanks so much Anthony.  I appreciate your comments and insights on this subject.  I am confident that you will grow a successful business sharing your talents which will allow you and your wife to travel the world with your mobile suitcase type business which you can operate anywhere.  All the Best.

  2. I totally agree with your here that what is most important for everyone is that they enjoy their lives, do what they love best and live a fulfilled life. In this case, the idea then is that anyone can retire at anytime. People titre late, some early etc. For the baby boomers out there, it is always very often that I still see them doing something, maybe a handiwork even after retirement. Nice post here.

  3. I am one year outside of the baby boomer generation but at the age of 54 I have thought a lot about this subject. Personally, I don’t ever plan on retiring. I plan on doing something I love for the remainder of my life. I have read some research that shows a direct correlation between having a shorter life after retirement if you just relax and do nothing. I believe we need to stay active physically and mentally.

    What do you think is more important if you had to choose? Being physically active or mentally active.

    I know the answer is both but is one more important then the other?

    • Thanks Rick.  I appreciate your comments.  When you are mentally active you will automatically be physically active because that is part of the mindset of a person fully engaged in life.  No departments of life are ignored.  There is so much to learn and do which provides satisfaction as well as assisting others along the journey.  We are all here to serve each other with our own unique talents and skills.  All the Best.  Joseph

  4. My mother is a baby boomer and she retired a little bit late and this is because she wanted to cater for her kids all in the absence of her husband. I think this is the only thing that would’ve made her fill fulfilled and she is. She had to work multiple jobs. She might not have much but she is happy seeing that she has succeeded in making us happy too. Like you have said here, money for the baby boomers is not what gives them joy but how they are able to spend that time after retirement, and how it will touch them. This is very nice to read. Cheers!

    • Thanks so much John.  Your mother is truly a “Hero”.  She has accomplished so much in providing a positive affect in the lives of her family.  Anything else is just icing on the cake.  Appreciate you sharing this.  All the Best.

  5. Hello there & many thanks!

    Indeed, why retire when you love what you do.. & do what you love!
    I returned to your website to say thanks for your recommendations Joseph, I am now actively building an e-commerce store.
    It’s exciting, it’s firing me up & it did even more so when I noticed how things started to roll in my way.
    Definitely not an easy task, plus being stubborn & overly cautious like I am when trying new things doesn’t help either. However, after gathering some courage to try & enter a new frontier, it’s the best decision ever.
    To sip wine while sitting in your beloved, comfortable chair & to maintain an online business that you run, in calm manner? Yes please.


    • That’s great Henry! Your are succeeding now and will continue to succeed.  It is all about mindset and well as “hearset”.  When you are passionate about what you are doing, it’s just a matter of time to see the desired results.  All the Best.

  6. Hey Joesph …
    This is a topic that has been on my mind a lot the last few months.
    I’m almost 59 years old. Mentally, I’m about done with working.
    I want to enjoy what time I have left doing some of the things I want to do. However, that’s going to require money … and Social Security is not going to provide me enough to even enjoy the meager existence I have now. 
    So when do I retire? I’m not sure, but I found the statistic you quoted (41% of American workers intend to work beyond age 65) very revealing. I’m pretty sure it’s not because we want to work, we have to work to survive.
    The recently retired are the new poor class of America.
    My retirement, and that of several of my peers, may not come until they lower us into the ground.
    Sad, but true!

    • Thanks so much for your comments.  Even though things are the way they are, the online marketing world affords a way to break free and enjoy life fully.  It does require time and persistence, along with the right training, but I ecourage you to never give up.  You will succeed. Within five (5) years you can have a lucrative business which you can run and manage through your retirement from your regular job.  All the very Best to You.

  7. Hi Joseph. I found your article very interesting. I was born in 1960 in the UK and we have experienced the same pressures on pensions and retirement as the USA. I was scheduled to retire in 2022, but I had to change my plans in 2016 when my job was made redundant after 36 years. I was lucky enough to secure a decent redundancy package and pension, but my interests have kept me ‘working’, but just for myself.

    We are a unique bunch of people, with a strong work ethic and a seemingly undimmed desire to just ‘have a go’ at new things. There’s really no reason to retire completely. In fact I think that leads to stagnation and early decline. We must just keep learning new things and keep active to teach the young pups how to grow old disgracefully.



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