Key Points

• Baby boomers are ready to move into a semi-retired lifestyle. 
• By leaving the 9-5, baby boomers can finally follow their work passion.
• Let’s live the entrepreneurial spirit by walking away from the 9-5 for good. 
• Also: Discover “The Next NVIDIA”

With more than 75 million baby boomers expected to hit retirement age by 2030, it begs the question of why more of this age group isn’t already retired. The answer is somewhat complicated as many members of this age group are ready to ditch the daily grind of the 9-5 but don’t want to give up working for good. 

This mindset shift is occurring for multiple reasons, including the rise of remote work, working part-time, taking on the gig economy, or even finally pursuing their entrepreneurial dreams. In addition, the idea of a 9-5 is no longer as traditional as it was a few decades ago and is almost considered old-fashioned. 

Rise of Remote Work and Job Flexibility 

One of the more popular reasons baby boomers are ditching the 9-5 is the rise of remote work. At this stage in their life, this group has given so much to the workforce that they are entitled to try and find more of a work-life balance. 

Thankfully, the pandemic gave rise to remote work in a way that would have likely taken far longer to achieve. While a hybrid work environment is likely to become the biggest benefactor of this decade, for baby boomers, having the ability not to need to work traditional hours in an office environment is a big reason to cut ties with a 9-5 role finally. 

Baby boomers are also looking at remote work to accelerate the opportunity to change their location. Instead of waiting for retirement to move to an area of the country with better weather, they can do so now. This helps remove the idea of a long commute and may allow them to live closer to family or vacation-like locations like Florida or Arizona. 

Rest assured, the 8-hour traditional workday is never 8 hours, as this time doesn’t account for commuting, waiting in line at Starbucks, or dealing with the potential headaches from public transportation. 

Finally, It’s Time to Pursue Entrepreneurship 

For the baby boomer generation, there has been a momentous shift in understanding that unleashing their entrepreneurial spirit as they reach retirement age is incredibly refreshing. This opportunity allows baby boomers to take everything they have learned during their 9-5 grind and create a second career that better aligns with their passions. 

Take Renee Stanton, a 61-year-old IT worker who is finally chasing her lifelong passions and funding her ski addiction thanks to moving into entrepreneurship. This opportunity, especially around taking the time for herself to go skiing, would have never happened with a 9-5. Instead, she found the opportunity to take her skills, generate income, fuel her passion, and do something she loves. It’s a win-win for Renee. 

Considering that 20% of Americans 65 and over are still employed, nearly double from 30 years ago, it shows how many baby boomers want to continue to find their passion. This means almost 11 million Americans 65 and over are working, accounting for 7% of all ages generated in the US by employers. 

Improving Mental Health

If you take the story of George Cavedon, who first tried out retirement in his 50s, he quickly discovered it wasn’t for him. He loved the idea of a flexible schedule but found himself bored relatively quickly into retirement. As a result, George, who could afford to retire early, considered retirement a “scary thing” but couldn’t envision returning to the 9-5 grind. 

Instead, for his mental health, George went back to work at a small marketing firm and found the work-life balance he’d been needing without the stress of a traditional 9-5. Cavedon also likes being active and working, which speaks to the idea that baby boomers’ mental health is a major factor in giving up the 9-5 grind for something they have more passion for. 

Embracing Semi-Retirement

In the world of baby boomers and Gen Xers, there is a belief that you can slowly transition into retirement. What is now known as semi-retirement, a WTW 2024 Global Benefits Attitudes Survey discovered that out of 10,000 US employees, one-third of those over 50 want to slowly transition into retirement by reducing their hours and responsibilities. 

For decades, retirement was seen as a “full-stop” event, in which one day you are working, and the next day you are not. With the rise of things like the gig economy, baby boomers can ease their way into retirement by maintaining a working schedule that generates income while reducing their mental and, in some cases, their physical load. 

One of the reasons why semi-retirement has grown in popularity is that longer life expectancies have also played a role. As workers expect to live longer, they want to earn as long as possible to have more enjoyable golden years. It’s now known as the “Great Semi-Retirement,” and many employees in the workforce are unwilling to say goodbye.

How to Make the Transition  

Initiated by the idea that Gen-Z and Millennials don’t want to work the same way their parents did until they burn out, the transition from the traditional 9-5 to something else is happening one way or another. However, the transition doesn’t have to be a drawn-out process for baby boomers. 

Start small by transitioning to gig economy roles, consulting or freelancing, or entering entrepreneurship. Baby boomers still have unique skills that can only be learned through decades of knowledge, which makes them valuable additions to consulting or teaching fields. 

It’s also important to keep up with the pace of technology as best you can. Many roles in the gig economy work through smartphone apps, meaning you have to own a smartphone and know how to operate one fully. 

Finally, staying engaged and joining a professional or personal group of like-minded baby boomers who can support Great Semi-Retirement adjustment is important. This community can provide mental support and also be a networking opportunity. 

Impacting the Job Market for the Future

For starters, one of the biggest impacts this shift will have on younger mindsets is that they, too, will want to take the same leave. As millennials begin to stare down retirement in a few decades, they may also want to semi-retire by walking away from the 9-5 grind without stepping away completely from the workforce. 

However, turning attention to the here and now, baby boomers stepping away from their 9-5 roles creates a significant gap in the workforce. This could mean labor shortages, increased competition for skilled workers, and the need for recruiters to invest in younger generations to try and plug holes in the talent gap left by a more experienced workforce. 

One estimate predicts that we could see more of what’s happening in the future. According to the U.S. Chamber of Commerce, the US has roughly 9.5 million job openings but only 6.5 million unemployed workers because of baby boomers stepping away from their roles.

This could also impact management ranks, creating uncertainty in large businesses as senior executives cash in their shares and step away to enjoy their golden years. These are all factors to consider and will help shape the future workforce. 

 

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