YourStyle Financial

Why Baby Boomers Go Back To Work After Retirement

February 12, 2016

Retirement is meant to be a time to kick back and enjoy your golden years. It’s a time to relax, to travel and do the things that you’ve been dreaming about. As wonderful as this sounds, it may not be possible for many Canadians nearing their 50’s and 60’s. A lot of baby boomers in Canada today are faced with more financial stress than ever before. For many of these Canadians, the necessity of returning to the workforce after officially retiring has become an unfortunate realty. Many simply can not afford to retire. With monthly payments such as mortgage, vehicle loans and credit cards, it may just not be possible. Other factors that could be preventing retirement may include providing financial support to family members or divorce. Also, with the cost of living increasing each year, it may be difficult to live on pension alone.

There are those boomers who choose to keep working because of personal fulfillment and to keep active. However, there are increasing numbers of older workers who are electing to stay at work well into their retirement years for financial reasons. Another trend with older workers, is returning to the workforce part time. Boomers choosing to stay in the workforce past age 65, can pose a threat to younger workers who are just entering the workforce. More and more boomers are carrying debt into their retirement years and are not saving enough. If you want to avoid having to work well into your retirement years, you need to have a plan. YourStyle Financial can help you to put that plan in place. Contact YourStyle Financial today.]]>

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