Tuesday, May 8, 2012

Transitioning Into Retirement: Metlife Study Finds More “Boomers” Retiring at 65

Despite the popular belief that Baby Boomers will continue to work well past the traditional retirement age of 65, those born in 1946 are retiring in droves, according to Transitioning into Retirement: The MetLife Study of Baby Boomers at 65. This study is a follow–up to the 2008 MetLife Mature Market Institute study, Boomer Bookends: Insights into the Oldest and Youngest Boomers (released in 2009), which looked at the same segment of Boomers at age 62 and includes 450 of the same interview subjects from the original study. 

The study reports that 59% of the first Boomers to turn 65 are at least partially retired – 45% are completely retired and 14% are retired, but working part-time. Of those still working, 37% say they’ll retire in the next year and on average plan to do so by the time they’re 68. Half (51%) of those who are retired say they retired earlier than they had expected. Of those who retired early, four-in-ten say they did so for health reasons. The majority (85%) of respondents consider themselves healthy, and almost all (96%) retirees say they like retirement at least somewhat. Seven-in-ten (70%) like it a lot.

 In Herkimer and Oneida Counties, more than half of the residents age 65 or older are presently receiving some form of retirement income. In Herkimer County 53% of all people age 65 and over receive at least some retirement income; in Oneida County it is nearly 60% of the population age 65 and over. But not all Baby Boomers age 65 and over are retired. As many as one out of every seven residents (14%) age 65+ are still a part of the work force and employed. 

Click here to read the Metlife report on Baby Boomers and Retirement.