Boomers Turning 65 in Record Numbers: 10 Ways They’re Rewriting the Rules

In 2024, a record-breaking 4.1 million Americans will celebrate their 65th birthday, marking the largest influx of retirees in the nation’s history.¹ 

As baby boomers hit this milestone, they’re redefining what it means to be 65 and challenging traditional notions of retirement. Gone are the days of quietly fading into the sunset; today’s 65-year-olds are embracing new opportunities, pursuing passions, and proving that age is just a number. 

Here are 10 ways the new 65 is not what it used to be.

1. Retirement Age is Up for Debate

The debate over raising the mandatory retirement age for pilots from 65 to 67 is just one example of how the concept of retirement is evolving.^(ref) With people living longer and healthier lives, many argue that the traditional retirement age no longer makes sense.

Lawmakers are grappling with the financial sustainability of Social Security and considering options such as raising the retirement age, increasing taxes, or cutting benefits. As the conversation unfolds, it’s clear that the definition of retirement is not set in stone.

2. Boomers are Hitting the Books

Forget bingo and shuffleboard; today’s retirees are heading back to the classroom. With a lifetime of experience under their belts, many boomers are pursuing new degrees, taking classes for personal enrichment, or learning new skills.

From mastering technology to exploring creative pursuits, education is a key component of the new 65. Lifelong learning not only keeps the mind sharp but also opens doors to new opportunities and social connections.

3. Entrepreneurship is on the Rise

Age discrimination in the workplace is a harsh reality for many older workers, with two-thirds reporting they’ve experienced it firsthand. But rather than letting that hold them back, boomers are taking matters into their own hands and starting their own businesses.

In fact, entrepreneurship is rising among older adults, with the share of new entrepreneurs ages 55-64 increasing from 14.3% in 1996 to 23.4% in 2013.^(ref) Franchises offer a proven template for success, allowing boomers to leverage their corporate experience and start a new chapter on their own terms.

4. Dating is Making a Comeback

With divorce rates for couples over 50 doubling in the past 20 years, a significant percentage of boomers are finding themselves single in their golden years. But rather than resigning themselves to a life of solitude, they’re embracing the dating scene with gusto.

Online dating services catering to the over-50 crowd are booming, with niche networks and apps popping up to help boomers find love and companionship.^(ref) While marriage may not be the end goal for everyone, the desire for connection and intimacy knows no age limit.

5. Fitness is a Top Priority

As the saying goes, 70 is the new 50, and boomers are taking that to heart by prioritizing their health and fitness. Gyms and health clubs are seeing a surge in older members, with individuals 55 and up representing one-fourth of their clientele.

From water aerobics to yoga, boomers are embracing exercise as a way to stay active, maintain their independence, and reduce healthcare costs in retirement. With the average 65-year-old couple expected to spend over $300,000 on medical expenses,^(ref) staying fit is not just a personal goal but a financial imperative.

6. Multigenerational Living is Making a Comeback

The concept of multigenerational households may seem old-fashioned, but it’s making a comeback among boomers. Whether it’s adult children moving back home or aging parents moving in, more and more families are choosing to live together under one roof.

In fact, the percentage of multigenerational households has climbed from 11% in 1980 to 22% in 2010.^(ref) This arrangement not only provides financial benefits but also allows for greater family support and connection across generations.

7. Volunteering is on the Rise

Giving back to the community has always been important to boomers, and retirement is providing them with even more opportunities to make a difference. Organizations like RSVP, a network of senior volunteers, are seeing a surge in membership as boomers look for ways to stay engaged and contribute their skills.

From mentoring young people to assisting with disaster relief efforts, volunteering provides a sense of purpose and fulfillment that can be hard to find in traditional retirement activities. It’s a way for boomers to leave a legacy and make a positive impact on the world around them.

8. Travel is a Top Priority

With more time and disposable income on their hands, boomers are making travel a top priority in retirement. Whether it’s exploring new destinations, visiting family and friends, or checking items off their bucket list, they’re hitting the road in record numbers.

The travel industry is taking notice, with companies offering specialized tours, accommodations, and services geared towards older travelers. From adventure travel to cultural immersion, boomers are redefining what it means to be a globetrotter in retirement.

9. Encore Careers are Gaining Popularity

For many boomers, retirement doesn’t mean the end of their working lives; it’s an opportunity to pursue a new career path. Encore careers, which combine personal fulfillment with social impact, are gaining popularity among older workers.

It’s a chance to follow their passions, give back to the community, and continue learning and growing in retirement.

10. Retirement is Being Redefined

Perhaps the biggest way turning 65 is not what it used to be is that the very concept of retirement is being redefined. Rather than a one-size-fits-all approach, boomers are crafting retirement on their own terms, blending work, leisure, family, and personal pursuits in unique ways.

Some are embracing the traditional notion of retirement as a time for relaxation and hobbies, while others are using it as an opportunity to reinvent themselves and pursue new challenges. The common thread is a desire to make the most of this new chapter in life and to age with purpose, passion, and joy.

Source:
1. CNBC