A number of sources have estimated that 7000 Boomers (born 1946) turn 65 every day. An even larger number will turn 65 each day next year. What does it mean? Why should any employer care?
1. Only about 15 percent of 65-year-old Boomers will retire anytime soon. However, the fact that they aren’t retiring does not mean they won’t change employment. Overwhelmingly, Boomers are driven by fads and fashion. Working for a Fortune 50 is not cool. Working for a start-up is.
2. Any company that doesn’t realize its best and brightest Boomers are eminently employable will lose them. A fortysomething boss may think 65 is way old but a 60-year-old boss won’t. Neither will a twentysomething-run start-up. Where else could a twentysomething get that much experience and people skills in one package?
3. The Boomers are now, and always have been, motivated by money. What they have learned since 1990 is that loyalty to an organization is stupid. Everyone, even a star, is expendable. It’s who needs your skills the most, and will pay for them, that counts. Not all Boomers learned the first time. Serial disappointment convinced the rest.
4. Working in a family business run by your children is supremely fashionable. It’s unexpected. It means you have influence with the business owner(s) which no Boomer had with the Fortune 50. Besides, when the Boomers work for their children they will be surrounded by young people. They can never be the youngest person in the room.
5. Corporations are holding on the Boomers with retirement plans that are now wholly portable. Why not move on and roll over retirement savings?
The tail on this tale: Attention financial planners: Boomers are just about to start saving with a vengeance. Have you factored that into your thinking? PS: Have you met their children?
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