Traditionally, retiring entails leaving the workforce permanently. However, experts found that the very definition of retirement is also changing between generations.
About 41% of Gen Z and 44% of millennials — those who are currently between 27 and 42 years old — are significantly more likely to want to do some form of paid work during retirement.
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This increasing preference for a lifelong income, could perhaps make the act of “retiring” obsolete.
Although younger workers don’t intend to stop working, there is still an effort to beef up their retirement savings.
It’s ok! Don’t ever retire! Just work until you die, preferably not at work, where we’d have to deal with the removal of your corpse.
One thing worth noting that’s tangentially related: the reason Social Security faces solvency concerns is not that they couldn’t anticipate the Boomers’ retirement, but because under Boomer management, wages (which are the basis for Social Security’s funding) have been suppressed, particularly on the low end of the wage scale.
They saw the Boomers coming a mile away. What they didn’t see coming was that they’d flatline the minimum wage and kill off unions
That and the Boomers modified social security to cap contributions for high income earners. If we removed that cap the issues with solvency get mostly solved.
Omg, I hadn’t thought of that. Social security is taxed from income, American wages have been stagnant since the 70s.
Generation Ladder Pull