How Boomers Are Redefining Aging, Work, and Retirement

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How Boomers Are Redefining Aging,Work, and
Retirement

• New York HR Planning Society
• Jim Walker
• walker_at_walkergroup.com

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Boomers living longer?

• Boomers turning 60
• Life expectancy up from 66 to 83
• Half will live beyond 83
• Healthy aging
• We dont expect to die we expect to be cured

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Boomers aging?

• 60 is not the new 40 it is the new 60. Were
  changing what it means to be 60, now and forever.
• -- Gail Sheehy

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Boomers working?

• Californians ages 55 64 employed
• 1995 54
• 2000 59
• 2006 62
• 2014 70?
• LA Times, April 3, 2007

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Boomers retiring?

• Yesterdays model of retirement is being
  transformed into one of personal reinvention,
  financial liberation, career innovation, new
  relationships, and social and spiritual
  fulfillment.
• -- Ken Dychtwald

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Our aim a research-based look at issues and
options

• James W. Walker and Linda H. Lewis,
• Boomers at Work Challenging the myths of aging
  and retirement
• Pearson, 2008

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Boomers face choices

• Myth Its too late for you to make big changes.
• Stay the course?
• Renewal?
• To-do list?
• Grand plan or one big thing?
• Transformation?

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Work and retirement flexibility

• Myth Retirement is a cliff.
• Why was early retirement so popular?
• Will boomers stay on at work?
• Try phased or gradual retirement?
• Become free agents?
• Choices?
• Retire retirement

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Personal finance

• Myth Boomers have the retirement income and
  assets they need.
• Do they have pensions, health care?
• Are they saving enough?
• Are their spending, lifestyles changing?
• Are they aware of their needs, risks?
• Choices?

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Personal health and fitness

• Myth Capabilities that decline with age impede
  performance at work.
• What does aging mean?
• Are boomers aging differently?
• Will boomers stay healthy and fit?
• Choices?
• I want to stay healthy until I die!

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Opportunities for work

• Myth Jobs are not available for boomers.
• Is there a workforce crisis?
• Will boomers with critical skills stay at work?
• Will the youth culture adapt to boomers?
• Choices?
• Never trust anyone over 30?

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Working with younger people

• Myth Boomers must compete with younger
  generation talent.
• Are boomers, gen x and y really different?
• How does age/life stage affect behavior?
• How can we leverage differences?
• How can we build collaboration?
• Choices?

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Meaningful work

• Myth Boomers work only for money.
• What is meaningful beyond money?
• Satisfaction, accomplishments, social
  interaction?
• Legacy, contribution to community?
• Choices?
• Work becomes leisure by virtue of involvement
• (Marshall McLuhan)

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Personal growth

• Myth Boomers have a hard time learning and
  changing.
• Technology, work complexity, social networks,
  faster pace?
• Are barriers real? Can boomers adapt?
• Is adult learning and development changing?
• Choices?
• Boomers competing for college admissions?

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High impact programs

• Hiring retirees as free agents (on-call pool)
• Culture that promotes generational diversity
• Retention bonuses
• Pre-retirement planning
• Pension/benefit changes to delay retirement
• Flexible work schedules
• Flexible or special benefits
• Mentoring
• Ernst Young, 2006

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HR Implications?

• Understanding boomers, next gens
• Embracing generational diversity, enabling
  collaboration
• Adopting creative ways to retain key talent,
  share knowledge, mentor, adapt work, and enable
  learning/renewal
• Segmenting the workforce and tailoring solutions
  with many options/choices
• Leading the way