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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 am 62 and would love to retire. Just can't afford to do it. Iamthinking of buying a big camper and just renting out my home for a monthly summer rental. I can make 3 times as much as I will get in Social Security and I can travel!
I retired at age 63 with sufficient savings for a comfortable retirement. A week later, my old boss called me, pleading me to come back to work, as the person I trained as my replacement had taken a different job. So I went back to work under a short-term contract with a higher salary, trained a new replacement, and finally "retired" again 7 months later. I then spent last winter in a beach house rental on the Gulf Coast in Texas. Retirement is MUCH better than working!! I won't go back to work again!
So the survey indicated the primary stated reason for retiring was health.. Looks like the pundits who postulate that people will work into their 80s are wrong. People still die and age ungracefully. 60 is not the new 40. NObody wants to hire a 75 year old plumber , accountant or surgeon
After 36 years of practicing law I have outgrown the subtle pleasures of litigation combat.. Time for fishing , reading, biking and just summing life up before getting the inevitable diagnosis that tells you time is up .
Good riddance, now the Gen Xers and Yers can finally start their lives.
I'm 52 and if I make it thru this year without getting laid off (again) I'll keep working but only till 55.5. Just too hard to make a living these days. "It's not fun anymore" is what I hear from everyone close to my age and still working. The fat cats keep getting fatter and richer off of our sweat and gray hair. There aren't enough hours in the day to do what management wants you to do. I work for an international conglomerate and the HQ is in Europe and they treat the US workers like we are idiots, silly stupid idiots. I feel sorry for the 20 somethings. We have some of those guys in our office and they are totally stressed out. I would hate to think I had 30yrs of this BS in front of me. But hey, hunger is a great motivator.
Hubby took a forced retirement from Ford at age 53 but wasn't ready to retire and went to work for a supplier. I left my job at age 52(no pension, just a piddly 401K) to get away from the stressful rat race of deadlines and to care for my aging mother. Hubby wants to work till he's 62. We've been saving & meeting with a financial planner to reduce debt. Full retirement for both of us looks good, but still a little scary, especially since we've seen how quickly things can go south with investments. I'd like a part time job to stay connected, but can't commit because of mom. Retirement gives me the freedom to plan my day as I want to spend it, until mom calls. Hubby would like to travel the country in a small mobile home when he retires - I'm all for it. I think we'll be OK.
I am 67 and still working. Widower who remarried two years ago. I hope to retire at 70. I started collecting my SS full benefit at 66. I have a no stress job and that keeps me from retiring earlier. My wife who is self employed can get away at anytime, so we try to do trips as much as we can. The extra money from my job help us pay for all those trips. I am having the best time of my life.
I am 51 and was recently laid off from a high paying telecommunications position. This is the first lay-off I have ever experienced after 30 plus years in the workforce. I had the feeling it was coming and started planning what we should have done years ago. We downsized! Sold off one of our homes, paid off all of our cars and sold or gave away anything we couldn't fit in our coastal Georgia home. Craigslist is wonderful! Fortunately for us, my wife is ten years younger than I am which helps our "staged" retirement plan. She also works in a different line of work and makes enough to cover our monthly expenses. I will start raiding my 401K at 59 and wait until 67 to collect social security so my wife can collect my higher amount when I croak. A few more years after that my wife will be able to raid her 401K and then collect S.S. at 62. No mortgage. No car payment. No other bills. No worries. I am looking for work and will collect unemployment in the mean time. Life is good. I keep myself busy by cooking all meals, washing all dishes, feeding, walking and bathing the dogs, keeping the house clean, washing and folding clothes, and taking care of all other household duties. My wife loves it! We have our weekends 100% free to go to the beach, fish, explore,etc. Like I said; life is good.
Retired @62 . Could not wait to get out of the rat-race. When asked why, I tell them "the music stopped and there were no chairs left. Like my grandfather used to call himself "a sporting man", I to do what I want when I want.
I am 64, work full time at a job I like, good health and plan on going to my full retirment age. I've worked hard to get where I am and I'm not giving it up at least for the next two years. I have a job that has great benefits, two weeks of holidays, two weeks of sick leave and six weeks vacation. I have over $300K in my 401K plus I contribute to a Traditional IRA. When people ask when I am going to retire I tell them I don't have any retirement skills so its a tough decision. I do everything I want to do now so I'm not missing anything. When I do retire I plan on drawing my spousal benefit on my husband's SS and leave mine to accumulate what's called delayed retirement credits to age 70 and then switch over to mine and draw the max. I've always kept my eye on the ball and had a goal. Hopefully it will all work out. I don't feel I'm missing a thing by still working. I know my clients love me to be there for them and I like that feeling.