The Start of the Great Boomer Workforce Exodus?

23 October 2007 at 4:55AM Leave a comment

Last week, the first Boomer applied for Social Security. Aren’t these folks the ones who first branded themselves with the mantra, “Never Trust Anyone Over Thirty”? That great sucking sound you hear is billions of dollars leaving the Social Security Trust Fund.

America’s first “baby boomer” filed for Social Security benefits Monday, becoming among the first of nearly 80 million Americans born after World War II who are expected to apply for such benefits over the next two decades.

Kathleen Casey-Kirschling, 61, was born one second after midnight on Jan. 1, 1946. She becomes eligible for Social Security in two and a half months. On Monday, she completed filing electronically for the benefits before a horde of reporters and photographers at the National Press Club in Washington, D.C.

[snip]

In what’s being called America’s “silver tsunami,” 10,000 Americans a day will become eligible for Social Security benefits over the next 20 years.

This could be the start of the Great Boomer Workforce exodus. These same 10,000 Americans will be changing their work habits. We don’t yet know if these Boomers will have enough on hand to start retiring at 62.5 years, but some will.

This could lead to more part-time and intermittent workers as these Boomers start taking time off to smell the roses. On the other hand, some analysts suggest that the Boomers lack of strong money management skills will mean that many will be forced push off retirement until they’re in their 70’s. The upcoming labor shortage will also mean that some companies will provide incentives to keep their Boomers on the payroll.

Or, this could be the start of what The Onion named the “The Long-Awaited Baby Boomer Die-Off“.

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