The oldest members of the Baby Boom generation celebrated their 65th birthday on June 1 in 2011. In other worlds, the first of the Boomer Generation reached retirement age in 2011. They were expected to retire at 65. However, the Boomer Generation is showing different ways about the retirement which are not seen in previous generation (Gibaldi, 2013). From a socio-economic perspective, the Boomer Generation delays their retirement because of three major aspects: Financial security, health condition, and current aging society. .
Baby boomers are those who were born after Second World War, between 1946 and 1964. They are often described as a generation of optimism, exploration and achievement because they are usually highly educated. Also, the members of the Boomer Generation have strongly established their positions of power and authority in society, and they have greatly influenced on the social development (Tokic, 2007). In addition, the Boomer Generation now accounts for almost 30% of the total U.S. population. These characteristics mean that the Boomer Generation still lead contemporary society (Gibaldi, 2013). Nevertheless, there are several causes that they postpone their retirement. First, although they have planned to achieve financial stability, they do not have enough money to retire. Next, they want to keep their health condition by keep working. Furthermore, the current aging society leads the baby boomers to delay their retirement. .
Financial stability is one of the reasons the baby boomers postpone their retirement. A great number of the baby boomers believe that they need more money than their previous generation to live comfortably in the future. A recent Gallup poll conducted by Dugan in 2013, with a random sample of 85,572 working adults, shows that nearly half (49%) of boomers do not expect to retire until they turn 66 or older, including one in 10 who never consider their retirement.
