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Boomers are leaving the workforce in droves. Given how lousy the economy has been the last few years, I found this a surprising retirement planning phenomenon. My guess would have been that most people would look at their diminished savings and conclude, given the continuing economic uncertainty, to stay on the job. But according to a new MetLife survey, that's just not the way it is.
MetLife found that 45 percent of 65-year-old boomers are now fully retired, up from 19 percent in 2008. Another 14 percent say they are officially retired but working part time or seasonally.
Of those people older than 65 and still working, about 50 percent anticipate being able to retire before they turn 70 years old, with 37 percent saying they plan to retire in 2012. On average, these respondents say they hope to retire by age 68.5.
The chart below explains people's reasons for the decision they made to retire early or late. It doesn't reflect the biggest reason people cited for retiring no matter when they did it -- 36 percent said they'd reached retirement age, and they wanted to quit. Another 18 percent said they hung up their work boots for health reasons. Only 6 percent said they'd lost their jobs and couldn't find another. Fewer than 2 percent are job hunting.
Overall, very few retirees had regrets. Some 70 percent of those who are already retired say they like retirement "a lot," while another 20 percent say they like it "somewhat."
My husband will turn 66 in June, and he's still working -- hard. I worry that he's missing out on some great years when he could have the freedom and good health to enjoy new experiences and challenges without the pressure of a high-stress job. When I bring this up, he says he likes the job, he likes the money, and he doesn't know what else he'd do all day.
If you're a 65- or 66-year-old boomer who is still on the job, how do you feel about being in the workforce?
My dissertation director continued to teach until age 93, and published his last book at 92. It is a reasonably priced textbook to spare today's impoverished students, and is still going through subsequent editions years after his death.
Members of the Supreme Court almost never quit at age 65.
Those of us blessed with really exciting jobs see retirement as akin to house arrest. This is especially true for those of us who are no longer married.
I'm 58. Divorced after 28 years at 47. Moved away and bought my first home alone in 2000. Due to downturn, retirement investments, lost over 50% within next year. Went to work in 2002. Moved to different state in 2004 for new job, took two years to sell my home and lost $50k in the process. New job ended in 2005, was out of work for 12 months. Remarried in 2006, spouse became disabled in first year after we had purchased a home together. Next job ended in 2009, was out of work 13 months. Next job ended in Feb 2012 but newest job starts 5/2012. Retirement is not in the cards until at least 70 since any retirement I had saved was used up in the layoffs to keep us in the house, mortgage 25% underwater.
I'm ONLY 58 but have no intention of retiring in the near future. My mother, an accountant, was laid off at 84 after the company she worked for was acquired. The director walked into the accounting department with 134 cardboard boxes and invited every body to leave before 12 noon. For my mother, it was the only way she would have let the company. She got on the bus with the other dismissed employees in hopes of finding another job. Why did she have that attitude in 2009 - she enjoyed her job, got up every morning, dressed and put make up on. When she was 80 yrs old, she sent her 8 children emails and once stated that she would not be able to reply this week because she was attending a change management training!
3 years later, she is 87, enjoying her retirement but had a huge problem adapting to not being needed.
I don't plan on retiring until necessary because I have always worked, enjoy my job which allows me to travel as I am a consultant in global organisations, and my clients find my experience valuable. It's true that I don't work 9-5 every day, so enjoy a good work-life balance. If I were to retire, I would travel less and be less independent.
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I am 64 and have no plans to retire at least until 70 or 75 if my health holds out. Both my sister and brother have no plans to retire. In fact, I don't know anyone in my age bracket that is planning to retire. My mother is 89 and my grandmother lived to 101, so what is the rush? I don't want to out live my savings and I will still have to pay for my future healthcare, whatever medicare cuts out (if it doesn't go bankrupt).
The "other" catagory is the largest on both sides of the chart. What constitutes "other"? Thank you!
I am 66 and working full-time as a self-employed software and website developer. I'm doing what I want to do. Why would I stop doing it? My wife is 69 and the most valuable player in the backoffice at the medical group practice she works for. She has no interest in retiring because she's making money, getting satisfaction from what she does, and has a reason to get up in the morning. I have a press clipping on my website of my uncle standing at the cash register at his hardware store, celebrating his 80th birthday - doing what he was doing because that's what he wanted to do. Lots of people retire either because that's what they want or are forced out of the workforce for medical or other reasons. The message is that stereotypes don't necessarily apply - and that market value in the workplace doesn't necessarily decrease as the age of the invididual increases. The problem faced by younger workers is that the deck is stacked against them in the sense that they are increasingly finding themselves in competition with those who have both experience and the kind of demonstrated strong work ethic that seems to be missing in many of their children and grandchildren.
I just turned 60 and intend to work as long as I can. Have a great career and enjoy it immensely. I plan to retire from employment at 67 and form a consulting group to do national and international work. So I never plan to retire. My 87 year old mother just gave up her real estate business and misses it terribly. I expect she will be back at work by the end of the year. Must run in the family.
Data indicates an additional 12 million people are on Social Security today versus 2008. The reality is millions have retired.
Most Americans opt to start receiving Social Security at age 62. Welcome to baby boomers reaching 62.
I'm 62 and still working. I've been working out 45+ minutes a day, 5 days a week for the past 3 years. I'm really fit and feel good. Golf all I can on the weekends. No guarantees but probably have about an 85 to 90 expected lifespan at this time. So I'm going to wait for full social security at 66. I may work part time beyond that, not for money (although anything extra is always nice) but just to be engaged and around people. I was kind of hoping to have enough to retire at about 60, but the market crash kind of killed that dream.