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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?
It seems that we are overlooking the fact that even though you may not want to keep on working, the reality of having to help your family members keeps you working. If it were just me, I could totally retire, but I need to help other family members who are younger but cannot find work. I am fortunate that my I am able to find work.
I am 63 and was forced into early retirement by job elimination.
The same happened to many of my friends.
Many boomers I know would like to work, but either are being pressured to leave or have already lost their jobs.
I'm getting closer to the glory years. Just 3 more years and the kids are out of college and two more years to go after that. After the kids are done with school the employer can do whatever they want. The earlier I can do it the better if affordable. Time to enjoy life: Travel, community service and morning coffee on the patio with the wife.
I am only 58, however still part of the baby boom. I got laid off 11 months ago and have been seeking employment since. I get interviews even go for drug tests then hear nothing. I wish I could retire now, but that is not possible. The statement "...we don't discriminate..." yeah, right. If you are over 55, you got a problem. I don't know why employers have such a problem hiring older people...we forgot more than the young know now. We have a better work ethic, and less absents from work. We may have more health problems which burden their insurance systems. Not to mention the likes of Paul Ryan and his basic let them starve attitude, shows how people have gotten "cold" over the years. It kind of reminds me of the Dark Ages when dear Marie of France stated "...let them eat cake..." when the general populas was starving in the streets, needless to say it cost her her head! It appears thing are going to have to get so bad that only a few will not be dumster diving for a meal, that things may change.
I am 66. I work full time at a job I love and have no intentions of giving it up. It provides me with respect, structure, socialization and a great sense of accomplishment. As long as I am able to do the job well, I will continue. I am one of those fortunate people who is paid to do what they love.
What is the point of working for any longer than you have to? There is virtually no reward or purpose. The government and corporate bloodsuckers take most of the money you can possibly make and use it to kill people abroad. Very little goes back into our country or our economy to improve this country and our standard of living. The only sector of the economy doing well and increasing is law enforcement that is being used against US citizens.
We could lose both Medicare and SS if Congress won't stop rampantly spending money, including money in the SS Trust Fund that was suppossed to be made bulletproof back in the '80s. The Governments (State & Federal) have to properly manage the money they take from us. We can no longer afford to give money away to those who don't or haven't contributed (by working and paying taxes)to these programs. We must listen to solutions (no matter who proposes them)and act before it's too late for everyone. That time is coming sooner than we all think.
What is with the negative comments launched at babyboomers? IF someone is still able to work and wants to keeping working then why tell the babyboomer to retire and get out of the way? And what's with the poster that lumped all babyboomers as being lazy? I guess some folks would prefer to blame others for their own misfortune. Whatever.
KChantry - Medicare and social security won't be out if we have another President. Until sometimes after 1960- children drew their parent's social security until 1 month before they turned 18 so Paul Ryan, at his age, hardly "grew up" drawing the benefits they do now. You say you never watch news channels but you know so much! Osmosis? If you want to really know anything important and objective watch Bill O'Reilly
rory gibbons doesn't know objective if it stares her in the face. None of the cable news programs are objective. Wake up. I personally would never watch Fox, but I don't watch much of CNN or MSNBC either. Want Obama out, then say good bye to Medicare and Social Security. Paul Ryan is in the county right north of me. The guy is an ass. He grew up on Social Security as his dad died when he was young. What a two faced jerk. Take his pension and health care and any other money he has stashed away, and see what he would do then.