According to a recent report published by AARP, retirement is a concept many individuals are finding hard to accept. CNN Money recently reported a recap saying, “As the economy stumbles, a growing number of baby boomers are pushing back retirement plans — 27 percent of workers aged 45 and over.” While the general population dreams of the day we get to escape the 40-hour workweek and replace it with long days on a beach with our significant other, why on earth would anyone not be ready and willing to take advantage of such a momentous life stage? It’s simple: Those approaching “that time” can’t afford it.

Why on earth?
There are a number of reasons why baby boomers are finding it difficult to afford retirement. First of all, those at retirement age today simply need more money than their parents’ generation needed at the same age to live comfortably. Some 70 percent of individuals 65 and older said they wished they had saved more during their career, and “59 percent regretted they didn’t start investing earlier to meet their higher-than-anticipated expenses,” according to a Putnam Investments survey of 2,000 people who retired between 1998 and 2002. Second, the survey also reveals that those now nearing retirement age are more self-indulgent than their parents. Third, due to advancements in health and medicine, boomers will be healthier and live longer than their parents. This simply means: more time, more time to spend working (a trait characteristic also found in the boomer generation).

Back in the saddle again
More and more baby boomers are going back to work, and as those individuals belonging to the 65-and-older age group continue to compete for positions in the workforce, employers are finding it necessary to adapt their hiring and retention practices accordingly.
            However, there are a couple of issues that employers tend to raise when faced with such a situation. First, there continues to be incompatibility in many instances between the older workers with established tenure and the “newbies.” Second, although it’s not fair to say it’s “common” for older generations to tend to fight change, anything that is not routine and especially technological evolution. Despite the challenges for the organization, I dare say it is probably the boomers who are finding it necessary to continue working that are a slight bit more perturbed than anyone else that the permanent vacation is on indefinite hiatus.

For the boomers
Worry not. Here are a few tips that you, as a job seeker, can use in your continuation as a member of the nation’s workforce:
            • If you are experiencing difficulties on the job, whether it is with a younger co-worker who just doesn’t understand the corporate culture or you personally are having trouble with a new piece of technology, talk to your manager about mentoring. Explain that the mentoring flows both ways, and in using such a technique, you can teach a younger worker the ropes and culture, while the younger worker can school you in technology.
            • Also, talk with your manager about alternative work style arrangements. If working only part-time will help keep your finances in order and some of your time filled, then the organization might welcome such an agreement. You can also trust that, should you bring up the possibility of working from home as an alternative to the office arrangement, that your employer will know and trust your “do-whatever-it-takes” attitude about personal and professional growth, and will have nothing to worry about by having you out of his or her sight.

About the Author and KAON Consulting, Inc.:
Orrick Nepomuceno, CPC, is a Managing Partner of KAON Consulting, an executive recruitment firm, and author of “Hitchhiker In the Corner Office: Avoiding The Top-10 Potholes So Your Employees Don’t Hit The Road.” With nearly 20 years of experience in the restaurant, foodservice and hopitality industries, Orrick consults executives and companies in recruiting, hiring and retaining human capital for their organizations. Visit the Restaurant And Foodservice Blog to read more of Orrick’s thoughts relating to the restaurant industry.

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