The first set of American baby boomers, now turning 67 years old, aren’t necessarily “working till they drop,” as was predicted.
A study from the MetLife Mature Market Institute finds that 52% of the boomers born in 1946 are fully retired. Of those, 38% say they were ready to retire, 17% cite health reasons, and 10% attribute a job loss.
Twenty-one percent of the 1946 boomers remain employed full-time, and 14% are working part-time. Of those, most plan to retire fully by age 71, up from 69 in 2011.
“As the oldest boomers dive into retirement, even though some have been forced to do so earlier than expected, they seem to be ‘feelin’ groovy,’ as this group would have said during their formative years,” says Sandra Timmermann, director of the MetLife Mature Market Institute.
The study also finds the following:
- 86% are collecting social security benefits, and 43% began collecting earlier than they had planned;
- only 14% of the oldest boomers are working part-time or seasonally, and 4% are self-employed;
- long-term care rose to the top of the list of retirement concerns, with 31% reporting concern about providing for themselves or their spouses;
- just under one-quarter own private long-term care insurance;
- 8% are “upside down” on their mortgage, owing more than the value of their home; and
- more than 40% of the oldest boomers are optimistic about the future; nearly one-quarter of those are optimistic about their health, and two in 10 feel good about their personal finances.