It should come as no great surprise that the baby boomers (born between 1945 and 1963) are shunning the conventional idea of retirement. Sarah Womack reports in the Telegraph that many of them want to and expect to continue working after they reach 65. Their leisure activities go beyond the woolly cardigan and carpet slippers of their parents, and extend into adventure sports and exotic trips. The story emerges from a new survey of 50-69 year-olds by Heyday, an organization for older people. Some facts:
Forty-six percent of people aged 50-69 have thought of “packing it in” and living abroad, a figure that rises to 50 percent among men.
The amounts of money being spent on places in the sun is helped by the fact that the over-50s hold 80 percent of the country’s wealth. More than 80 percent of them own their own homes and half do not have a mortgage.
One in 10 of those polled said they intended never to retire, and 40 percent said work gave them structure and mental stimulation. A third said it helped keep them fit and socially engaged, and they actually liked working.
Fifty-eight percent of those working full-time planned to work part-time after retiring from their full-time role.
Yes, quite. People don’t just have longer lives, but longer
active lives. Commentators will probably laugh at the idea that people expected to work for four and a half decades, then do nothing for a further couple of decades. Quite apart from the economics of it, few seem to want to.
The notion of retirement stems very much from an industrial society where people worked in factories doing hard physical work. When the Welfare State was introduced in 1948, the average worker quit at 65 and keeled over in the garden two years later. A post-industrial society should not be surprised to find itself confronted by post-industrial patterns of ‘retirement.’
From Adam Smith Institute
Tags: Libertarian, Politics, Liberty, Freedom