Why Boomers Are Sticking Around—and What It Means for Your Business
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Retirement used to feel like a finish line—work hard, save up, and then ride off into the sunset. But for many Baby Boomers, anyone born between 1946 and 1964, that finish line keeps moving. In fact, in our Employee Financial Behavior Report, we found that nearly 60% of Boomers are delaying retirement and financial stress is a big reason why.
Why are boomers staying in the workforce longer?
It’s not just because they love their jobs (though some do!). Here are a few reasons why many are holding off on retirement:
Not enough savings—Some didn’t save enough, while others saw their investments take a hit.
Rising costs—Inflation, healthcare, and the general cost of living make it harder to retire comfortably.
Market ups and downs—When the economy is unpredictable, so is confidence in retiring.
Lingering debt—mortgages, credit cards, even student loans (sometimes for their kids!)—are keeping Boomers working longer.
Retirement uncertainty—Many simply don’t know how much they need, so they keep working “just in case.”
What this means for employers
Having an aging workforce isn’t a bad thing—Boomers bring experience, leadership, and institutional knowledge. But it does create challenges:
Higher costs—Older employees tend to have higher salaries and healthcare expenses.
Limited growth opportunities—When senior employees delay retirement, it can bottleneck career paths for younger workers.
Financial stress = lower productivity—Employees struggling with money worries are more likely to be distracted and miss work.
How employers can help
The good news? Employers can step in and make a real difference:
Identify resources in place to help employees plan for retirement—Review existing benefits like 401(k), 401(k) match, bonus opportunities, HSAs, and other financial tools to ensure employees are aware of and utilizing them.
Review 401(k) match participation—If a significant portion of the workforce isn’t contributing, it could be a sign of financial struggles. Consider adding a financial wellness benefit to address these challenges and improve participation.
Offer seminars on preparing for retirement—Provide education and guidance to help employees make informed financial decisions and feel confident about their future.
Retirement isn’t a one-size-fits-all journey, and more employees are looking for guidance. By supporting financial wellness, employers can help Boomers retire with confidence—while also making room for the next generation of talent.
Read our full blog to help your employees retire on time here!
Some cool stuff we're into right now
Here's what's on our radar this week—insights, inspiration, & random things we're loving:?
??From YML: [4 Spicy Takes on Employee Benefits] → Bold insights and fresh views—these HR hot takes challenge norms and highlight financial wellness in key workplace discussions. [Read more]
?? What We're Watching: [Severance] → Season 2 is here! Dive back into the workplace drama, eerie tech, and mind-bending twists. [Watch on Apple TV]
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The YML Team
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