Baby Boomers Embrace Remote Work and Side Hustles Instead of Traditional Retirement
Baby Boomers Embrace Remote Work and Side Hustles
Source: Fortune
Changing Retirement Trends
- Baby boomers are opting to work from home, leading to an increase in job longevity.
- 70% of over-60s in a recent survey report working in hybrid roles.
- Without commuting burdens, many are enjoying a better work-life balance, leading to less stress and the ability to explore new hobbies.
Side Hustles on the Rise
- Approximately 40% of baby boomers are engaging in side gigs, with tutoring being a popular choice.
- Many find that the flexibility of remote work allows them to earn income while pursuing personal interests like gardening and yoga.
Impact of the Pandemic
- The pandemic has significantly influenced work patterns, helping many over-60s to adapt to a new remote and hybrid workspace.
- Nine in ten boomers express satisfaction with their careers, while 66% report feeling less stressed.
Unretirement as a Global Trend
- Surveys indicate that 14% of baby boomers and late Gen Xers in the UK have "unretired," with an additional 4% considering it.
- Concerns about financial security in retirement are driving many to continue working, contrasting with past generations.
- Many older workers in the US and UK are leveraging remote work to maintain their income levels amid financial uncertainties.
Conclusion
The shift towards remote work, spurred by the pandemic, has empowered baby boomers to redefine retirement. They are actively choosing to extend their careers, explore new passions, and contribute to a changing economic landscape while navigating financial challenges.
