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.
