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How Boomers Are Redefining Aging, Work, and Retirement. New York HR Planning Society Jim Walker walker@walkergroup.com. Boomers living longer?. Boomers turning 60: Life expectancy up from 66 to 83 Half will live beyond 83 Healthy aging We don’t expect to die; we expect to be cured.

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how boomers are redefining aging work and retirement

How Boomers Are Redefining Aging,Work, and Retirement

New York HR Planning Society

Jim Walker

walker@walkergroup.com

boomers living longer
Boomers living longer?

Boomers turning 60:

  • Life expectancy up from 66 to 83
  • Half will live beyond 83
  • Healthy aging

We don’t expect to die; we expect to be cured

boomers aging
Boomers aging?

60 is not the new 40; it is the new 60. We’re changing what it means to be 60, now and forever.

-- Gail Sheehy

boomers working
Boomers working?

Californians ages 55 – 64 employed

  • 1995 – 54%
  • 2000 – 59%
  • 2006 – 62%
  • 2014 – 70%?

LA Times, April 3, 2007

boomers retiring
Boomers retiring?

Yesterday’s model of retirement is being transformed into one of personal reinvention, financial liberation, career innovation, new relationships, and social and spiritual fulfillment.

-- Ken Dychtwald

our aim a research based look at issues and options
Our aim: a research-based look at issues and options

James W. Walker and Linda H. Lewis,

Boomers at Work: Challenging the myths of aging and retirement

Pearson, 2008

boomers face choices
Boomers face choices

Myth: It’s too late for you to make big changes.

  • Stay the course?
  • Renewal?
  • To-do list?
  • Grand plan or one big thing?
  • Transformation?
work and retirement flexibility
Work and retirement flexibility

Myth: Retirement is a cliff.

  • Why was early retirement so popular?
  • Will boomers stay on at work?
  • Try phased or gradual retirement?
  • Become free agents?
  • Choices?

Retire “retirement”

personal finance
Personal finance

Myth: Boomers have the retirement income and assets they need.

  • Do they have pensions, health care?
  • Are they saving enough?
  • Are their spending, lifestyles changing?
  • Are they aware of their needs, risks?
  • Choices?
personal health and fitness
Personal health and fitness

Myth: Capabilities that decline with age impede performance at work.

  • What does aging mean?
  • Are boomers aging differently?
  • Will boomers stay healthy and fit?
  • Choices?

I want to stay healthy until I die!

opportunities for work
Opportunities for work

Myth: Jobs are not available for boomers.

  • Is there a “workforce crisis?”
  • Will boomers with critical skills stay at work?
  • Will the youth culture adapt to boomers?
  • Choices?

Never trust anyone over 30?

working with younger people
Working with younger people

Myth: Boomers must compete with younger generation talent.

  • Are boomers, gen x and y really different?
  • How does age/life stage affect behavior?
  • How can we leverage differences?
  • How can we build collaboration?
  • Choices?
meaningful work
Meaningful work

Myth: Boomers work only for money.

  • What is meaningful beyond money?
  • Satisfaction, accomplishments, social interaction?
  • Legacy, contribution to community?
  • Choices?

Work becomes leisure by virtue of involvement

(Marshall McLuhan)

personal growth
Personal growth

Myth: Boomers have a hard time learning and changing.

  • Technology, work complexity, social networks, faster pace?
  • Are barriers real? Can boomers adapt?
  • Is adult learning and development changing?
  • Choices?

Boomers competing for college admissions?

high impact programs
High impact programs
  • Hiring retirees as free agents (on-call pool)
  • Culture that promotes generational diversity
  • Retention bonuses
  • Pre-retirement planning
  • Pension/benefit changes to delay retirement
  • Flexible work schedules
  • Flexible or special benefits
  • Mentoring

Ernst & Young, 2006

hr implications
HR Implications?
  • Understanding boomers, next gens
  • Embracing generational diversity, enabling collaboration
  • Adopting creative ways to retain key talent, share knowledge, mentor, adapt work, and enable learning/renewal
  • Segmenting the workforce and tailoring solutions – with many options/choices
  • Leading the way