The pandemic has affected Boomers in the workforce in different ways.
The pandemic that laid waste to the American economy has led to an interesting paradox: Well-off Boomers started to disappear from the workforce not because they lost their jobs, but because they wanted to leave their jobs.
As I’ve mentioned in the past, the number of Boomers who retired in 2020 increased dramatically. In the third quarter of 2020, 3.2 million more Boomers retired than in the third quarter of 2019, according to the Pew Research Center. In Q3 2020, 28.6 million Boomers said they were now retired. A…
Why you need a practical strategy for generating retirement income.
A study by the Stanford Center on Longevity points to two troubling statistics for older workers approaching retirement: (1) one-third of them have NO retirement savings, and (2) for those who have savings, the median balance is about $200,000. The harsh reality associated with either of these scenarios is that they demonstrate why traditional retirement is a big stretch for so many Americans. …
Why debt is one of the biggest challenges for Boomers
Regardless of age, accumulating debt is a way of life for many Americans, in particular Boomers. Even our federal government carries a heavy debt load.
We learn at a fairly young age about buying on credit. We continue to pay off student debt decades after completing college or graduate school. In order to buy a house, we obtain a loan (otherwise known as a mortgage) and pay interest on the principal for many years. Additional debt may accumulate through multiple credit cards, automobile loans and home equity lines of credit.
How will Boomers handle the retirement boomerang?
Almost two years ago, I wrote a blog post entitled “The Retirement Boomerang.” In that post, I cited a study that showed almost half of workers age 65 or above who retired “boomeranged” back to work. They didn’t necessarily want to return to the same job, but they felt a sense of loss when they stopped working.
Many Boomers leave the workforce and then seek out a new career, or a second act, rather than pursue traditional retirement. My wife and I experienced this phenomenon when we left busy professional careers. We weren’t…
“DE&I” is all the rage. Does it represent commitment or is it all for show?
Have you noticed the term “DE&I” bandied about lately by politicians, business leaders and heads of institutions? If you’re “woke,” then you know it stands for “Diversity, Equity & Inclusion.” What does that really mean? In the context of government or business policies, it basically represents treating everyone equally, regardless of social standing, race, sexual preference or any other distinguishing characteristic. Think of it as a three-legged stool that broadly applies to welcoming in people of less-privileged identities. …
What would it be like if generations really got along?
One powerful and potentially lasting way to fight against ageism is to foster greater connections between older and younger generations. The generational divide — caused as much by tribalism as by age — may seem difficult to overcome, but there are beacons of light in the darkness that can help us envision an intergenerational world. Here are three innovative examples:
Encore.org — Encore is a vanguard in bringing together generations. According to this nonprofit organization, “For the first time in U.S. history, people over 60 outnumber people under 18, raising fears of widening generational divides. Encore.org sees another path —…
Why the WHO just started a global campaign to combat ageism
Who would think that WHO (the World Health Organization) would launch something called the “Global Campaign to Combat Ageism”? But they just did, stating this compelling reason:
“Ageism is the stereotyping, prejudice, and discrimination against people on the basis of their age. Ageism is pervasive and has profound negative consequences on older adults’ health and wellbeing. We need to act now to improve the lives of people everywhere. …
“Boomer-preneurs” have a strong chance of success.
The number of Boomers who have retired in 2020 dramatically increased. Pandemic-related job losses, as well as ageism, contributed to many more Boomers leaving the workforce in 2020. These factors suggest that the U.S. job market won’t be a particularly good one for Boomers in 2021.
At the same time, however, the U.S. Census Bureau is reporting a significant uptick in new business applications. For example, for the week ending October 3, 2020 — while the pandemic continued to rage around the U.S. …
Pandemics, recessions and other bad stuff create an emotional longing for an idealized past.
Nostalgia is a powerful and often necessary emotional cloak— a way for humans to shield themselves from unpleasant contemporary challenges.
During this pandemic, haven’t you found comfort and consolation in favorite foods, music and TV shows? Think about how many of those comforting things have percolated up from your past. Childhood memories are especially powerful nostalgic triggers because, for many of us, our childhood home represented comfort and security. …
Why starting a business as a couple could be a minefield or a gold mine.
Some couples would never in their wildest dreams want to own a business together. Others might think the idea is a dream come true.
At a time when the economy is shaky and you may not want to depend on someone else for your livelihood, starting a business together could be an attractive alternative. If you have even the slightest interest, I’m going to discuss the relationship side, not the business side, of owning a business as a couple. I’ll lay it all out for you: Why working together could be a minefield or a gold mine.
Barry Silverstein
I’m an author, blogger and retired marketing professional. Visit my website to learn more: https://www.barrysilverstein.com
