Only one-third of the oldest baby boomers, 67 to 68 years old are still working to some degree
Over the past few years, the first group of baby boomers in the United States reached their retirement age, and a large number from this generation are retiring, according to the latest survey from Gallup.
The baby boom generation is composed of people born during the post-World War II years (1946 to 1964). Americans are considered part of the workforce if they are working full-time for an employer, self-employed, working part-time or actively looking for a job.
The survey found that only one-third or 30% of the oldest baby boomers (age between 67 and 68) are still working to some degree. Approximately 50% of those at the age of 60 are still employed while 80% of those in their early 50s are still part of the workforce.
Baby boomers are retiring on time
The evidences gathered by Gallup showed signs that baby boomers are retiring on time contrary to the suggestions in recent years that this generation might delay their retirement. The last members of the baby boom generation that will reach the age of 65 will be on 2029.
The survey found that the percentage of people between the ages of 65 to 68 who are still part of the workforce in 2014 is almost similar to the rate of pre-boomers still working at the same age surveyed in 2010.
Gallup concluded that baby boomers are retiring at “nearly the identical rate as were pre-boomers four years ago.”
The research firm explained that it is significant to compare the results of the survey in 2010 and 2014 because it provides valuable information regarding the first group of baby boomers whose ages are already over the traditional retirement age of 65.
According to Gallup, “the results do not support the hypothesis that baby boomers are staying in the labor force longer than those who came immediately before them.”
Impact of retirement pattern among baby boomers
Gallup emphasized that the baby-boom generation is huge. The retirement pattern among the older members of this generation has a potential critical impact on “lowering the overall workforce participation rate.”
The research firm pointed out that the unavoidable aging of the population of the United States “leaves a smaller percentage” of people working and supporting their elders through the Social Security and Medicare. The situation also means that the country could face a shortage of workers without substantial influx of people from other countries.