Top News From Today's "Boomiverse"
Think it’s time to retire? Not so fast; Many choose to phase slowly out of work force instead of quitting
Eve Tahmincioglu
MSNBC
April 21, 2007
Overview: Tahmincioglu reports on the trend of phased retirement among baby boomers. Specifically, she shares, “In the past, many individuals opted to retire even though they weren’t ready because they wanted to begin receiving pension benefits from their employers, which in many cases started only when the worker hit a certain age, typically 62 to 65, and couldn’t be paid out unless the employee left their job. But the newly minted Pension Protection Act allows older workers the option of staying on the books while also getting their pension checks.”
http://www.msnbc.msn.com/id/18184691/
Waiting for boomers to retire; Workers won't want to support millions who don't
Jonathan Chevreau
Financial Post
April 24, 2007
Overview: This article focuses on the Boomerretirement summit that will be held in New York City today. Chevreau reports, “Boomerteirement brings together financial professionals and 50 members of the media, says Stephen Stahr, managing director of the summit's sponsor, the Million Dollar Round Table (MDRT). Among the draws are Alan Greenspan, author Lee Eisenberg and Canada's reigning personal finance academic, Moshe Milevsky. Some may question whether the withdrawal of 90 million Baby Boomers from the workforce constitutes a crisis for the rest of society. For younger folk still in the workforce, this is an opportunity, as ageing Boomers vacate their spots in upper management.” He goes on to say, “The Boomeretirement summit cites four causes for concern. They include greater longevity, decreased savings rates and the decline of employer-sponsored Defined Benefit plans.”
http://www.canada.com/nationalpost/financialpost/story.html?id=e1039775-465e-438c-93b7-a84b6b773052
Britain's baby boomers face up to tricky future
April 24, 2007
Overview: This article focuses on Britain’s baby boomer generation. The article sharee, “The figures show that almost two in three (60%) of 55 to 64 year olds are still supporting their grown up children, and one in four (25%) are contributing to the cost of their elderly parents' retirement. The results reveal that 55 to 64 year olds are more likely to be supporting grown up children and elderly relatives than any other age group.” Moreover, “How has this come to pass? Well, unfortunately for the baby boomers, they were born in the wrong place at the wrong time. Although their peak earning years came about at a time of relative growth, their parents had had many of their best years disrupted by war and economic hardship. And of course as healthcare has improved, parents are now living longer, some with inadequate pension provision. At the other end of the scale, their children have been more expensive to bring up as the cost of living, education and care have all increased.”
http://www.cambridge-news.co.uk/business/money/2007/04/24/82a028b2-d340-40c0-a818-a85e21363893.lpf