REFLECTIONS ON BOOMER RETIREMENT & RECESSION

The question came up in planning a program I am presenting to a group of human resources professionals: How much has the severe recession affected Boomers' attitudes and plans for retirement? Based on national (U.S.) surveys and interviews and interviews by various generational experts (including me),  the majority of Boomers (75% in several surveys) wanted to keep working past the age of 65 when asked in and around 2005 (boom years). This is reflected in surveys sponsored by Merrill Lynch, AARP and others. 

Much of the Boomers' desire to keep working was based on non-economic grounds - and still is. They want the intellectual stimulation, social aspects, opportunity to make a difference and to continue learning. For many, it is closely tied up with their identity. Those are strong motivations,

Their resolve to keep working has only strengthened given the subsequent losses in their retirement funds. But it is not an attitudinal  turnaround, though the time frame may have changed. And the leadership tensions between Boomers and Generation X following them have heightened because of economic constraints. The problem is that the pie has shrunken both organizationally and personally, at least temporarily, under current economic conditions - which are, overall, worse than either of the generations has ever seen. While times were good, the fear was of a dangerous skill and leadership gap as Boomers eventually stopped their current careers for encore careers or retirement. And they weren't moving out fast enough for Gen Xers to take the reins. Now the two generations are competing for fewer jobs with less opportunity to hold on or to move up.

Phyllis Weiss Haserot   www.pdcounsel.com