Baby Boomers Are Bucking This Retirement Norm

Core Insights - The traditional retirement age of 65 is being redefined as baby boomers increasingly pursue passions and start new businesses instead of retiring [4][5][7] - A significant portion of baby boomers, approximately 25%, are responsible for new business creation in the U.S., marking the highest rate in 20 years [4][7] - The gig economy is becoming a primary income source for about one in three baby boomers, surpassing participation rates of younger generations [6][9] Business Creation - More adults over 50 are starting new businesses, with 25% of those aged 55-64 contributing to new business formation [4][7] - The trend indicates that many baby boomers are choosing entrepreneurship as a fulfilling way to utilize their work experience [3][4] Gig Economy Participation - Baby boomers are engaging in gig economy jobs at higher rates than millennials and Gen Xers, with one in three using it as a primary income source [8][9] - The rise of technology has facilitated part-time work for baby boomers, allowing them to manage their schedules flexibly [9] Workforce Re-entry - The number of baby boomers re-entering the workforce increased by 24% in 2023, driven by financial needs and social interaction [10] - Over one-third of those returning to work are seeking jobs that align with their personal values, indicating a purposeful approach to employment [11] Volunteering and Philanthropy - A significant percentage of baby boomers are involved in volunteer activities, with over 60% of adults aged 55 and older participating [13][14] - The trend of volunteering persists even among those in traditional retirement age, with 60% of individuals aged 65-74 engaging in some form of unpaid work [14] Changing Views on Aging - Attitudes towards aging have shifted, with many baby boomers feeling capable and motivated to continue working beyond traditional retirement age [15][17] - Improved health and access to preventative healthcare have contributed to a longer working life for older adults [17]