Reasons that baby boomers are waiting to retire

Alan Wu

October 14, 2010

The past few years have been a rough ride for baby boomers and U.S. News & World Report states that there are quite a few different reasons that many adults across the country are being forced to delay retirement.

One of the reasons has to do with medical costs. Many employees are hesitant to retire before they are eligible for Medicare at 65, and 69 percent of older workers have said that they intend to remain in the workplace until then.

Boomers are also trying to manage their budgets, trimming daily expenses while paying off debts, because over half of older adults fear that the cost of living will spike in the coming years and they want to be prepared.

Many others are caring for a family member and require extra revenue – 19 percent of boomers have said that they are waiting to retire so that they can support a loved one.

One recent study has shown that many caregivers can miss career opportunities due to their responsibilities. Some may want to consider installing a senior alert system in a home, so that an older parent or spouse can send out a medical alert to family or doctors if there is an emergency.