Baby boomers expect to live longer than previous generations.
But that also means they will have to work longer to keep from running out of dough. A new study by the Center for Retirement Research at Boston College reports that the people who think they will live into their 70s and 80s are likelier to delay retirement.
That might be rough for America’s most self-indulged generation. But to keep acquiring more stuff, they’ll have to have the paycheck power to make it happen.
The center study says that people wanting to delay retirement are aware of their money needs and know they will have to stay healthy to ensure they will live and work well into their old age, the Los Angeles Times reports.
An additional motivator is the 78 million Americans born from 1946 to 1964 had a lot of their retirement funds and home equity wiped out in the Great Recession. Working well past the traditional retirement age will be the rule more than the exception as long as age discrimination doesn’t take people out.