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Why do boomers plan to work longer?

Gordon B T Mermin1, Richard W Johnson, Dan P Murphy

  • 1Urban Institute, Income and Benefits Policy Center, 2100 M Street NW, Washington, DC 20037, USA. gmermin@ui.urban.org

The Journals of Gerontology. Series B, Psychological Sciences and Social Sciences
|October 2, 2007
PubMed
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Baby boomers are working longer due to fewer retiree health benefits and pensions. This trend is expected to boost economic growth and individual financial security.

Area of Science:

  • Gerontology
  • Economics
  • Sociology

Background:

  • Recent shifts in retirement trends prompt investigation into baby boomer retirement behaviors.
  • The baby boomer cohort, born 1946-1964, represents a significant demographic group.
  • Understanding retirement expectations is crucial for economic and social policy.

Purpose of the Study:

  • To examine recent changes in retirement expectations among baby boomers.
  • To identify the key factors influencing these evolving retirement behaviors.
  • To compare retirement probabilities between different cohorts.

Main Methods:

  • Utilized data from the Health and Retirement Study.
  • Compared self-reported probabilities of working past ages 62 and 65 for workers aged 51-56 in 1992 and 2004.

Related Experiment Videos

  • Modeled retirement expectations and analyzed generational differences using regression coefficients.

    • Main Results:

    • The probability of working past age 65 increased from 27% to 33% between 1992 and 2004 for workers aged 51-56.
    • Declining retiree health insurance offers and defined benefit pension coverage were significant drivers.
    • Higher educational attainment also contributed to the observed increase in extended working years.

    Conclusions:

    • Baby boomers are likely to work longer than previous generations due to eroding employer-sponsored benefits.
    • Extended careers can positively impact economic growth and government revenue.
    • Longer working lives are expected to enhance the financial security of individuals in older age.