When we think about retirement, we often imagine relaxing, traveling, and finally enjoying the rewards of a lifetime of hard work. But for many baby boomers, that dream hasn’t quite become a reality. Instead of slowing down, a lot of older adults are still working past 65—and there are many reasons why.
From financial challenges to personal choices, baby boomers are choosing (or needing) to stay in the workforce. Here’s a closer look at why retirement isn’t a sure thing for everyone in this generation.
False Promises of Retirement Security
Many baby boomers were told they’d retire with strong pensions. But as time passed, things changed. Some companies started ending pension programs, and a few even shut down just to avoid paying what they owed. That left many boomers without the retirement income they expected.
Retirement Isn’t Always Affordable
It’s not that boomers don’t want to stop working—it’s that they can’t afford to. Rising rent, healthcare, and everyday costs make it tough to live without a steady income. Sadly, homelessness has even become a reality for some younger boomers who simply can’t keep up.
More Seniors Are Working Now Than Ever Before
Back in the late 1980s, far fewer people over 65 were still working. But in 2023, that number has nearly doubled. And those who are working now are also putting in more hours than retirees of the past—around 15% more
Living Longer Means Spending More
Boomers are living longer than their parents’ generation, which is a good thing—but it also means they need more money to cover those extra years. As prices continue to rise, many feel forced to keep working just to get by.
Boomers Aren’t Even at Full Retirement Age Yet
Some younger people might wonder why boomers haven’t retired yet, but the truth is that many aren’t even eligible for full Social Security benefits. For those born in the 1960s, full retirement age doesn’t arrive until 2031.
Early Career Choices Affect Retirement Later
Some baby boomers may be getting a pension, but for many, it’s not enough. A small pension can’t fully cover today’s high living costs. Decisions made decades ago—like job choices or missed savings opportunities—are now catching up with them.
They Paid for Others’ Pensions, But Got Less
It’s frustrating for many boomers to realize they spent their careers contributing to other people’s retirement funds, only to receive little or nothing in return. This has left many feeling cheated and unsure how to make ends meet.
Lifestyle Choices Matter Too
Not every reason is out of their control. Some boomers chased a lifestyle they couldn’t truly afford. Now, they’re dealing with the results of those financial choices, which include staying in the workforce longer than they wanted.
Retirement Planning Wasn’t Always Easy
Today, we talk a lot about saving and investing for retirement. But back then, it wasn’t so common. Boomers didn’t have online tools or easy access to financial advice, so many didn’t plan as well as they might have liked.
Some Boomers Simply Enjoy Their Jobs
Believe it or not, not all boomers are working because they need money. Some love what they do. They enjoy the routine, social interaction, and purpose that work gives them, so they choose to stay on the job.
Work Keeps Them Active
Staying active is important at any age. And even simple jobs—like working as a cashier—help boomers stay physically and mentally engaged. That’s a lot healthier than sitting on the couch for hours each day watching TV.
Some Are Supporting Themselves Alon
Life doesn’t always go as planned. When a partner passes away, it can mean one income suddenly becomes none. Some boomers return to work or continue working to support themselves through this difficult time.
Retirement looks different for today’s baby boomers. While some continue to work by choice, many do it out of necessity. With rising costs, lost pensions, and longer life spans, retirement isn’t as simple as stopping work at 65. For this generation, staying in the workforce is often the only way to maintain stability, independence, and dignity.
