Nearly half of baby boomers who are in the workforce today say they don’t expect to retire until they’re 66 or older, and one in 10 think they’ll never stop working, according to a new poll.
Financial concerns are the biggest factor driving boomers’ diminished retirement plans, but their “notoriously hard-charging work ethic and drive to get ahead” also factor in, according to the Gallup poll.
The poll is the latest to suggest that a years-long change in Americans’ retirement plans is accelerating as the boomer generation ages.
The average retirement age has risen from 57 to 61 over the last two decades, according to Gallup. The youngest boomers turn 50 this year.
None of this means boomers are motivated at work.
Only about one-third of boomers who plan to work past age 65 report being “engaged” in their jobs, according to the poll.
Forty-four percent say they’re not engaged, and 22% come straight from a Dilbert cartoon, saying they’re “actively disengaged,” the poll found
“Being wired for work doesn’t necessarily guarantee that all baby boomers are engaged employees who are involved in, enthusiastic about, and committed to their jobs,” according to Gallup.
The positive side for boomers and their employers: The approximately one-third of boomers who say they’re motivated at work roughly tracks other age groups.
Three in 10 people from Generation X (those born from 1965 to 1979) report being engaged, as do 28% of millennials (born from 1980 to 1996).
As working boomers age, their treatment by employers is likely to take on greater significance as companies try to maximize workers’ productivity.
“It is important that their organizations build workplaces with outstanding managers who leverage the experiences of older workers by positioning them to do what they do best -- listening to their insights and opinions, and continuing to develop their talents into strengths,” according to Gallup.