Dear Boomers, your time is now.
That’s right, your parents dealt with the Great Depression, then World War 2, and then they rebuilt the world. They’re called the “Greatest” because they had a resolve like no other generation before or since. The disasters and hardships they faced make any issues we’ve faced look trivial in comparison. The attacks of 9/11/2001 are often referred to as one of the worst atrocities Americans have ever faced, but it’s trivial compared to what the Greatest generation faced. They went through a decade of destitution responsible for more than 7 million deaths, 60% of the population in poverty, and unemployment reaching 25%. Just as the economy began to recover Japan bombed Pearl Harbor and they were called upon to defend the nation. Five years of war took a toll on them. More than 400,000 were killed, society was transformed, everyone devoted their lives to the war effort. The stakes were too high to not devote your time and your resources to the effort, the consequences of failure too great.
Fast forward to 2020 and we’ve come to a crisis that while still trivial compared to what the Greatest generation experienced is the most detrimental we’ve ever experienced. Of course, I’m talking about the Pandemic and what now needs to be done to rebuild our country. Why am I singling out Boomers? Surely every able-bodied person can contribute to the effort. Absolutely, but Boomers can contribute the most. I know that doesn’t seem fair, and I agree it’s not, but life isn’t fair. Why do I believe Boomers can contribute the most? The simple reason is they can contribute the most by doing the least. That’s right, and by doing the least I mean they should retire.
Estimates from AARP with data collected by the IRS, Medicare, and the Census Bureau show that some 13 million Americans over the age of 65 are still working and on average earn $78,000 per year. Of these that are still working more than 4 million have 401k or other retirement funds valued over $1 million. Some 90% of these jobs are “white collar” jobs that are intended for educated and experienced individuals. Many in this age group are in management or leadership roles. They’re quite literally running the country and its economy. The average age of CEOs in the Fortune 500 is 58, nearly 200 are over the age of 64. These leaders need to work to bring new retirement programs to their oldest employees. They need to offer part-time or temporary positions to those who are near retirement. These new positions should involve training and educating those coming into the company or into the position they’re retiring from. The mentality of American’s today is to work until they no longer can, or no longer feel like working. Why is this? What are they gaining from this mentality? Is it some kind of badge of honor that you can keep working well past your 50’s or 60’s? Do you not have any other interests in life that you’d like to spend more time doing? Are you worried about not having the finances to support the lifestyle that you would like to lead? I could see some validity to these concerns, but the drawbacks far outweigh the concerns. If you have even a shred of interest in spending quality time on something other than work why would you wait until you’re at or near an age when that time could be constrained by the breakdown of your mind or body? Think about that for a second. Pretend for a moment that you’d always wanted to hike the Appalachian Trail. Wouldn’t it be easier to do that when you’re under the age of 70 and no longer working? Sure there are exceptions, but by and large, this is an activity you need to try to accomplish when you’re as healthy as possible, with as much time as possible. Maybe you have an interest in learning how to repair small electronics or cell phones. It’s a hobby that requires mental acuity, dexterity, and good eyesight, all of which deteriorate as we age. Is there an overwhelming completely unrealistic view people have of themselves as they age that somehow they’ve still got “it” and they can show everyone how amazing they are? Why not show people how amazing you are by showing them amazing experiences you’re going to have when you’re no longer saddled by a job? Why not show them the amazing path you took that led you to the amazing life you will have after your job?
As I write this more than 30 million Americans have either been temporarily or permanently laid off. Best-case scenarios show that 12–15 million of those jobs will return by early 2021. That leaves almost 20 million jobs that may not return, or at least not anytime soon. Knowing that more than 4 million people over the age of 64 could retire now or within 6 months, this could get a large portion of those who need jobs back into the workforce. If companies that can provide early retirement programs do so, there could be even more upside to get the unemployed working and getting more people into a comfortable retirement. Federal and State governments could contribute as well. The travel and leisure industry has been decimated by the Pandemic. Imagine if every person over the age of 62 no longer had to pay taxes to rent a car or stay in a hotel? Imagine if those who are retired could actually expense their living expenses and only pay taxes on income that was actual income? Retirement is not only looking easier, but it’s looking better now.
So there you have it, are you approaching retirement? Are you one of those that could easily retire today? Have you asked yourself, why am I still working? What’s the answer? Why are you still working? Has it ever crossed your mind that people needing a job would love to have the one you don’t need? Have you ever thought that maybe your need to show the world how great you are at your job is not only detrimental to you, it’s detrimental to society? Does everything you’ve ever wanted or dreamed of doing involve going to your job every day? If you had more time to do whatever you wanted, would it be working for the company you work for? Are you that passionate about it? The one thing you’ll never be able to get back is time, and as you get older you have a lot less of it to explore things you might want to experience.
So sleep on it, take it all in and give it some thought. Do you want your generation to be known for something? Right now Boomers are known as the technology deficient haters of Millenials. As a Gen Xer that doesn’t bother me at all, but I hope my generation will be remembered for something better. I have a feeling Boomers feel the same way.