Dale Carnegie Training National Workplace Survey Results Baby Boomers Are Working Past Retirement And Expect Reduced Quality Of Life

(Monday, February 09, 2004) - Are baby boomers -- the largest and wealthiest demographic group in history -- prepared for their retirement? A recent survey from Dale Carnegie Training asked 2,048 participants various questions ranging from the basic (Are you a baby boomer?) to more detailed questions about their retirement plans and their respective employers' plans to address the first wave of boomer retirees. In contrast to the baby boomer years (1946-1964), the U.S. birth rate is at record lows and the imminent retirement of baby boomers is an even hotter topic of discussion in companies throughout the country.

Of the over 2,000 respondents, only 8% stated their "company is concerned about the effect baby boomer retirement will have on the company's future." However, according to the AARP, boomers will probably have to rely more on employer-provided pensions because their savings are inadequate and their Social Security benefits are being reduced. Of respondents age 55 and older, less than a quarter (23%) said their life will be better after they retire

Peter Handal, Dale Carnegie Training's President and CEO, was surprised by this number and other information from the survey. "We've known for some time that baby boomer retirement would definitely impact companies, management and their working dynamic on many levels. There's a huge difference between the office and social culture of baby boomers, generation X and generation Y, and many boomers have professional skills based on experience that the younger generations are still developing."

"Boomers retiring will resonate in the workplace, says Handal, "and our job as a global training company is to address workplace changes like this in our training courses."

The survey also uncovered the following data:

Only 9% of respondents rated their company as having done a "good job overall" of communicating their plans for handing over the reigns to a younger workforce once baby boomer start retiring
43% of respondents age 40 or older said the economy has negatively affected their ability to retire comfortably
56% of employed baby boomers surveyed planned to work part-time after their retirement
Of respondents age 55 and older, 61% of men plan to work past normal retirement age as do 65% of women in the same age group
Of respondents age 18-39, only 16% said their life would be better after retirement; as stated above, 23% of respondents age 55 and older said their life would be better after retirement
Of respondents age 18-39, 36% said they planned to work past normal retirement age
Of respondents age 18-39, 32% said that baby boomer retirement would translate into more opportunities for me to advance their careers
Baby Boomer Facts

Baby boomers are those Americans born between 1946 and 1964.
As of January 1, 2000 one baby boomer is turning 50 every nine seconds.
Baby boomers represent approximately 28% of the U.S. population.
As of 2000, 32.8 million Americans are between 55 and 69 years old.
Four out of 10 of the 76+ million boomers, and three out of 10 of those closest to retirement report having less than $10,000 in retirement savings


About Dale Carnegie Training
Dale Carnegie Training (www.dale-carnegie.com) is a global management training company with experts in corporate management, workplace issues and leadership trends. The company provides leadership,
sales and management training in over 400 of the Fortune 500 companies, training over 6 million adults worldwide.

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