So many Baby Boomers thought they would retire at 60 - and now say they play to work into their 70s or later. Spencer McGowan of McGowan Group Asset Management thinks there are a few reasons for it. Most obviously, “The majority of people probably haven’t saved enough money to retire” was his answer.They can't afford to live another 15 or 20 more years without a paycheck. “By 2050 life expectancy will approach 90!”
McGowan also says our lifestyles are more expensive than they were 20 years ago when most Boomers started planning to retire.
Many want to be "bridge workers" --- working for a new employer that values their experience. McGowan adds “And maybe you have a 20 hour a week schedule. That seems to be better for many of our clients who find it difficult to make it a hard stop.”And many volunteer or even start their own businesses. And some companies let Boomers retire in phases, leaving their knowledge and expertise behind gradually.