Millions of baby boomers that had hoped to enjoy their retirement as an endless vacation, are instead preparing for a new stage of work driven by the need to make ends meet in one of the worst and deepest economic downturns since the great depression.
The United States experienced an explosion of births after the Second World War. In this time period, nearly 78 million Americans were born, representing nearly 30 percent of the countries entire population. This extraordinary and sudden increase in births came to be known as the baby boom generation.
The vast majority of baby boomers are now between 56 and 67 years of age. A 2008 economic study found that 72 percent of today’s baby boomers intend on continuing to work through their retirement years out of financial necessity.
It is reported that one-third of today’s homeless are baby boomers with one in seven currently receiving some form of social assistance such as food stamps. For those baby boomers fortunate enough to still own a home, nearly half of them are financially underwater, meaning they owe more then they’re home is actually worth.
There are over 50 million baby boomers currently approaching retirement. But instead of planning for a life of leisure, millions are instead finding themselves unemployed, broke and facing the prospect of homelessness. Part of the problem is that baby boomers remain out of work for much longer periods of time then their younger counterparts.
You might be surprised to learn how well some baby boomers are adjusting to homelessness. Many anticipating the worst in the economy have prepared for the eventuality by using technology and communication to stay connected, informed, forward looking and hopeful.
“There are more advantages to the homeless life then you might first think,” said Robert, a fifty-eight year old baby boomer. Some baby boomer admit while there is an element of grief and hardship in being homeless, some will tell you there is also an element of freedom and relief. While clearly most baby boomers today are homeless by circumstances; more and more of them are remaining homeless by choice.
Some boomers find part time work and create a work schedule that best fits their interests and desires. Some work a few weeks then spend their next two months doing whatever it is they want, including pursuing their true interests. Some are even going back to school.
Some boomers have arranged it so their workweek is just two-days and their weekend is five-days. Not quite the retirement schedule they hoped for years back, but many are spending their time going to museums, libraries, volunteering, and just trying to find work.
One boomer said the freedom they experienced being homeless was truly liberating. One 60-year-old remarked, “Being homeless can sometimes be daunting. It can be hard to have so much time on your hands. In the end, the freedom to do as you please can be addictive.”
For those married boomers facing homelessness together, one man remarked, “I really believe this crazy experience will create more depth and meaning to our marriage. I believe that this time will show us who we are, and what we want, individually and together.”
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