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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 58 and beginning a new career. I will probably not be able to retire. I spent many years caring for elderly family members and have been left with nothing to live on. I have saved tax payers thousands of dollars. Now it is my turn to earn money for myself. I am healthy and expect to work until I drop.
Thumbs Up Smokers Teeth. We are all paying for the Boombers and our children and grandchildren will be paying for them too. We are now facing 15 billion deficit when do we adress the elephant in the room? Medicare and SS.
All retirees need a Protection to their 401ks. I would call it a Life-Lock protection on all retiree accounts enforced by state and federal law.
Note: In context to that The death estate tax of 35% reduced immediately to 6% in Emergency Legislation on the 22 trillion debt ceiling eliminating the future of seniors who will be thrown under the bus.
Smokers Teeth:
Given your allegedly choice of habits - you might never see become older. That would benefit humanity if you continue to cling to your stupid thoughts.
its time to grow up and be nice....and learn to be kind to others.
Wishing you well as you need all the help you can get given your current demented condition.
In response to Smoker's Teeth; at 58 years I have contributed to the USA more that a cynical Non Boomer like yourself can imagine. I suspect that you have never been in or associated with the US military and have no respect for it or this great nation that affords you the life that you covet. Your attitude expressed here reminds me of an old saying "What goes around, comes around". You will "get yours" if you live long enough.
The babyboomers really never worked or contributed to the betterment of society. As a generation, they have taken way more than they ever put in.
They spent their parents money and inheritance, they spent their kids and grandkids money. They still have an appetite to spend but there is not much left.
I say let them sit in dirty diapers in a nursing home. They don't deserve any more health care or social security checks.
The Babyboomer generation is a disgustingly lazy and self absorbed bunch of old geezers/*/
I'm 57. I would love to retire and travel, but want to save more in the 403(b) (I'm a teacher). I have no debt; house and (old) car are paid off. I live within my means and have no problem shopping garage sales and thrift shops. I take no prescription medications--staying healthy has paid huge dividends. My advice to anyone is listen to the financial and health experts that stress moderation (even frugality) in spending and healthy lifestyle habits.
I suspect many boomers can't retire because of divorce which has a devastating effect on personal finances.
There is an age (depending on your birth year) at which you draw full Social Security and can earn as much as you like without penalty. That is a reason for later retirement, I am sure. I did that. I moved away from civilization and had to retire from 25 years of technical court reporting. Good thing, the profession is in the toilet.
While still married, almost 20 years ago, I started a telephone counseling business, telling people how to deal with other people. Love it. Will retire several years after I'm dead.
Retirement is more a state of mind than any specific age. You can retire anytime you want if you decide to live within your means. Stop buying more and more stuff since it actually owns you. I'll be retiring at age 53 even though I never worked for the government or will get any type of pension. The best part is not having to pay for the mess left behind by ALL of those in government from local all the way to the top. It is truly liberating......when you realize the best things in life are free.