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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 in the first wave of 'boomers and will be 66 soon. I am retired military (34 years) and receive a generaous retirement check from them. I tried not working for about a month and didn't like it so I returned to the workplace as a civilian. I work 40 hours a week in my "second career" which I still enjoy and I plan to continue at least four more years to earn a second retirement. I am healthy and plan to defer collecting social security until I reach age 70.
The experience and judgment that come with age allow me to compete successfully with my younger peers. I enjoy the satisfaction, prestige, and financial independence that I derive from from work.
As "Kidzincollege" said. I don't think a lot of the retirements are voluntary. In my last job, they would make age discriminatory comments all the time. If you were over 35, you were considered a "dinosaur." I don't know how some of the 60 somethings could stand being degraded like that all the time.
I will turn 61 in June. I wish I could retire. I work as a RN. The work is labor intensive, requires lots of lifting, turning, and cleaning. I do enjoy taking care of people, but the physical aspects of the job have taken their toll. Unfortunately, my husband and I do not have a retirement nest egg, pensions or adequate savings. We have both worked since the age of 16 and are tired. No pity party, just facts. I encourage all young people who work alongside of me to save, save, save. To educate themselves in the art of money management and investing. I wish someone had taken a little bit of time to encourage us when we were starting out and had no bad spending habits. It would have made a huge difference
I was a baker (union membership required, unfortunately) from 1972 to 2003. In '03, I quit baking due to physical issues, went to school and am now a hearing health professional.
My pension was vested and waiting for me to apply. Last year, I received a letter from the pension fund informing me that due to the effects of the "Great Recession", they changed the rules to qualify. If a person has a break in service of more than 1 1/2 years before applying for pension benefits, you no longer qualify, unless you go back to work in a union shop for six months.
pffft......pension gone. Now,I have to work until I drop.
Luckily for me when I retired from AT&T is 1998, I choose my cousin as my stockbroker. What I found out was, he loved Enron's stock..... That's why I am still working
My work from the previous 14 years had me away from home for 6 months of the year, and the job I had for 13 years prior to that had me working 50-60 hours a week with few two day weekends and basically no vacations.
Ive pulled the plug to enjoy my life while I have reasonable health and family time. Financially able to so Im lucky.
Once the time is gone, you cannot get it back.
I am 68 and raising grandchildren. I doubt I am an aberration. The proliferation of drugs in the US is eating away at a generation and I pray it won't take the next. I and my granddaughters are fortunate that I am healthy enough to work and smart enough to hang onto my position. And of course, if the economic downturn had not eaten up 60% of my retirement fund perhaps I could stay home with them. I expect to work as long as my employer will have me.
The author seems to have misinterpreted the data she shows. The number retiring by 65 is way up, and given the bad economy she is surprised. But of those who "retired" early, a whopping 53% were forced to because of bad health or loss of a job. Only 7% retired because they have adequate resources. And of those not retiring at 65, 47% give economic reasons (including employer health insurance), and only 13% say it is because they enjoy working. So in both cases it is all about the bad economy, as expected. It is not about choice. Where's the surprise?
As a 65 year old, male, cardiac transplant RN, I "retired" or started working part time, 15 years ago. I love the work, I love the young nurses with whom I work and I love the patients I have the privilege to care for, many of whom are my age or younger. I feel I give them better insight to their condition and have a better rapport than a younger nurse can have with them.
I have a small farm, toy trains, toy planes and all the woodworking tools that I never had as a child or as a young adult. I have a wonderful wife and good health. Why would I ever want to totally retire?
I'm 61 and plan to retire with Social Security benefits when I'm 62 because I've got health and mobility issues and don't plan to ever enter the workforce again. For the last five years I've been working part-time at home as a self-employed website designer. I'm married, my husband is 53 and plans to continue working for another 12 or 13 years full-time (God willing). We should be fine financially.