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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?
I'm working as long as I stay in good health. Currently 65 and enjoy my self employed work. If I worked for someone I might think otherwise. Savings are not a reason, I've got far more than I'll ever be able to spend, I just want to stay active. I still have plenty of time for other activities and interest. I've seen to many people waste away when they retire and I'm not going to be one of them.
I will be 66 very soon and will retire at that time. Even though I don't have much at all in my 401K, all of my debts are paid off, I owe nothing, and will collect a decent amount of social security each month after working steadily for 40 years. If I wait much longer I will have a nervous breakdown. I have been doing the same type of work for 40 years and have had it !! I can't wait to sleep late, do what I want when I want, and spend lots more time with my daughter and grandkids. I kiddingly told my friends and family that I will eat cat food if I have to, in order to retire !! Didn't mean it, of course, but I am definitely willing to be frugal in order to retire.
Just as soon as I can qualify for early social security, I am retiring. I have plenty of things to keep me busy: season tickets to several theaters, the symphony, timeshares at the beach, gardening, the gym, and international/domestic travel. I have invested well and my only fear about retiring is the cost of healthcare. However, the good news is I can also retire from my present employer at 62 and receive a discount on my health insurance. Life is good...
Retired 6 years ago at 60. Love it. Now, this is the way it was supposed to work: get in someplace, mind your business, retire, they send you a check every month plus Social Security. How good is that! Retirement is good if you have some money and something you want to do. I got both. Thank You Jesus.
Retired at 65, am 68 now. 39 year career with the same employer. Simply had enough. When I heard, for the 5th time, the same stupid idea being passed off as new and innovative, I knew it was time to go. I survived malignant melanoma at age 53 and prostate cancer at 63. Was not going to be able to survive another idiot CEO. With a modest pension and social security my wife and I will do OK and still have a few bucks to leave the kids and grandkids.
I retired 9 years ago after a 38 year career (demanding, but rewarding) with a rather large company. Acquired many wonderful friendships. I am now 66, have never looked back, love being retired. Wonderful to be with family and relax. Relocated, met some new good friends. Fortunate to still be able to spend time with family on a regular basis, and can see my "company family" that I choose to keep in touch with when we can all make it work! Life is good! I can no longer spend money like I used to, but I do not want to return to the workforce unless an absolute emergency would demand that I do so. My husband's career was similar to mine, and he an I agree on this subject.
My husband and I are both baby-boomers. My husband is 61 and still working, and I am in ill health and have not worked for several years, but I've obtained my Bachelor's in Business Administration and my Master's in Professional Counseling, so it is my hope to return to the work world at least for a little while. I know it will be difficult to find anyone to hire me in my age group, but I also know with the education I have, the hours I will need to intern to qualify for my degree, I will be able to set up my own practice. We will work as long we can.
My fear is that my husband, who already has had a stent put into his heart, will at some time be unable to work and we need the money. So I will need to be working. And I want him to enjoy some time without the need to be rushing about. He is studying to join our church ministry. So I don't expect either of us will be in too much of a rush to completely retire.
i am retired because i will not work for the wages i made 20 years ago why should i
Can't afford to retire; but the real reason is that I don't want to. I want to remain "relevant" in the world, meet new people, continue to be challenged, learn new things. I live alone. Friends are all working, and being part of the working world meets social needs, too. It helps that I'm self employed and never bored or stuck.
Retired at 56, never looked back. Work is for suckas.