Boomers are Skipping Retirement, Watching Spending
With the economy down, more boomers are delaying retirement and staying on the job. And while this trend is making boomers more marketable than in years past in relation to younger workers, the trend is also occurring among senior workers those 65 and older. The U.S. Census Bureau American Community Survey says people have been working longer into retirement over the past decade. Statistics show nearly one in four people between the ages of 65 and 74 (23.2 percent) were in the labor force (either working or looking for work) in 2006, an increase from 19.6 percent in 2000.
Today one out of three adults are boomers, and those in the 50 or older age range are expected to increase by about 23 percent over the next decade, said Matt Thornhill, founder and president of the Boomer Project, a market, research and consulting firm.
Only 12 percent of boomers have reached age 60, while 88 percent are still in their 50s and younger. But while more are counting themselves among the growing demographic, their shopping habits have changed because of the current financial crisis and because of a shift in priorities that come with entering a new stage of life.
"For the last 40 years, boomers were the economic engine of retail, and they have quite naturally reached 
the stage of life, their 50s and beyond, where they are less interested in buying stuff and more interested in having enriching life experiences," Thornhill said. "They are just now in that stage, and it happens to coincide with a pretty significant and long-lasting recession."
As baby boomers age, many tend to downsize their living space and alter their lifestyles. Many are becoming more frugal than in years past, holding onto nest egg retirement savings.
While this trend may be good for those who have to remain in the job market as a matter of self survival, statistics show those employed are also looking for positions that provide valuable income coupled with a meaningful life experience.