By 2025, there will be 10 new retirees for each new entrant to the workforce, twice what the ratio was in 1970. The debate on how to accommodate that wave of underfunded seniors is just beginning.
Perhaps it’s just as well Baby Boomers enjoyed a taste of retirement when they tuned in and dropped out in the 1960s. Most have been working ever since and -apart from the exceptions who enjoy spectacular entrepreneurial success -seem fated to work well into old age.
A Canadian Imperial Bank of Commerce poll this week found only half of Canadian Boomers aged 45 to 64 have regular savings programs in place. And a TD Waterhouse survey found 31% of retirees aged 55 to 70 are spending more in retirement than expected.
The article goes on to talk about some of the ways Boomers are trying to cope – especially given the dicey economy. Get ready for new buzz words – “unretirement” – and new trends like “workamping.”
Read the entire article here.