Baby Boomers Are Bucking This Retirement Norm

"For one of the longest periods in American history, it was widely agreed that most people would aim to retire around 65. Sure, you could keep working until you are 70, but for most people, between 60 and 70 would be the right time to call it quits. While this may have been true a decade ago, a lot has changed over the last ten years, and baby boomers are bucking traditional retirement norms."

"Many baby boomers who have made enough money to retire at 65 may have decided to open a new business. Instead of taking the easy road and jumping into a retirement lifestyle, this age group has bucked the trend and decided to start something new. According to AARP, more adults over 50 are starting new businesses at a higher rate than they have for the last twenty years."

For decades most people planned to retire around 65. Retirement patterns have shifted over the last ten years as many baby boomers choose to work longer and pursue passions rather than fully retire. A significant share of adults over 50 are launching new businesses, with roughly 25 percent of people aged 55–64 responsible for many new ventures. Most of these entrepreneurial moves are voluntary rather than forced by job loss, with over 90 percent choosing entrepreneurship by choice. Many boomers are also reclaiming long-deferred interests, using accumulated experience and resources to pursue fulfilling work instead of a traditional retirement.

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