A retirement survey offered by Merrill Lynch presents a picture of a more flexible retirement that baby boomers envision for themselves.
The “calling cards” of boomer retirement, according to Michael Falcon, chief operating officer of Merrill Lynch Retirement Group, are “living younger longer” and not planning a traditional retirement at age 65. Consequently, he says, boomers will not have to tap into retirement savings until much later in their lives.
Ken Dychtwald, Ph.D., a gerontologist and author who helped with the survey, says understanding boomers is “not your typical linear calculation” of work and then permanently retiring. Rather, he says, boomers have transformed their time.
The boomer vision of retirement is captured in their response to what the next stage of their life will look like. A total of 42% say they will cycle between work and leisure; 17% say they will never work again; 16% will work part time; 13% plan to start their own business; 6% plan to work full time; and, 6% cited other options.