Boomers Retiring at Faster Rates

Now turning 67, the first set of baby boomers are busting myths and aren’t working until they drop, as predicted, according to a study by the MetLife Mature Market Institute. Fifty-two percent of boomers born in 1946 are fully retired. Of those, 38 percent said they’re ready to retire, while 17 percent cited health reasons and 10 percent cited a job loss. The figures represent a big jump since 2007 and 2008, a significant leap from the 45 percent retired in 2011. “As the oldest Boomers dive into retirement, even though some have been forced to do so earlier than expected, they seem to be ‘feelin’ groovy,’ as this group would have said during their formative years,” said Sandra Timmermann, Director of the MetLife Mature Market Institute. “They are poised to remain active and engaged. As their nests empty, they seem to be largely feeling healthy and positive.

“On the negative side, a good half of this group may not have achieved their retirement savings goals and are not confident about paying for the next phase of their lives.” Eighty-six percent of those in the study are receiving Social Security benefits, with 43 percent saying they began collecting earlier than they had planned. Long-term care is at the top of the list of retirement concerns, MetLife said. The national telephone survey was conducted between November 6 and December 23 among 1,003 respondents, including 447 people from the 2011 study. Those in the study were all born in 1946.

Source/more: Dallas Morning News, Naela