The future of the workplace will eventually be, if not already, filled with at least 4 generations at one time: Veterans, Baby-Boomers, Gen X’ers and Millennials. Can you imagine a team comprised of all four gens?
More and more veterans are coming out of retirement to survive the ’08 housing crash just to be able to pay their taxes. They are still allowed their social security, but it’s not enough to live happily ever after. USA TODAY reports “just last week that more people are delaying retirement and continuing to work past 65 mostly because they need the money. According to 2010 Census data, the share of workers 65 and older in the labor force rose to 16%, up from 12% in 1990.”
A vast majority of Boomers aren’t likely to retire any time soon with reports that most of them aren’t even close to saving for retirement – let alone a rainy day. According to USA TODAY, the average social security check for Boomers is $1,230 a month. Many Boomers are just resolved to working for the rest of their lives. Gen X isn’t far behind the Boomer Blues, but will have to learn to save, save, save, while trying feverishly to pay off their student loans. Many Millenials are graduating colleges with no less than a master’s degree, and some are going straight to getting Ph.Ds in order to earn the big bucks right out of the gate. Student loans outweigh the national credit card debt to the tune of a cool trillion dollars! And that’s not all, you cannot default or go bankrupt on student loans. You have to pay those loans off after death.
For whatever reason, many Americans of all ages will be in the work force at once for the first time ever.