While Millennials mock Baby Boomers with the phrase OK, Boomer, the Boomers are actually doing OK. A new BizJournals report on the so-called gray wave shows how Boomers are working later in life than ever, which will likely only cause more frustration among younger generations. The report cites recent surveys showing one in three adults between 40 and 79 have or expect to have a job into their retirement years. Furthermore, the fastest-growing age groups in the labor force are 65-74 and 75+.
As for what jobs these Boomers are doing into their 60s and 70s, there are many. "Appraisers and assessors of real estate; technical writers; tax preparers; property, real estate and community association managers; construction and building inspectors; crossing guards; clergy---any number of jobs are available out there for Boomers," says Juanita Jimenez-Soto with the AARP in Houston.
Many Baby Boomers choose to keep working out of necessity to bolster their income or retirement savings, but for many others that is not the case. In fact, a recent TD Ameritrade survey says more than half of those who plan to work past retirement age said they'll do so even if they have enough money to retire. Jimenez-Soto agrees that there are good reasons for Boomers to keep working besides money. "They get that interaction with other people," she says. "It takes a bite out of isolation and loneliness, which leads to depression and early death."
Millennials and Gen X may be more technically savvy, but the older workforce has unique advantages for employers. "(Older workers) are very dependable, they rarely call in sick, they've been there and done that, they don't have little ones at home that they have to rush to and take care of," says Jimenez-Soto. "They're very independent, plus they bring the skills, the know-how, the experience, that they can share with other employees in the office."