Eighteen years separates younger boomers (those born in 1964) from older ones (those born in 1946). Older boomers say they plan on working past retirement age. Younger boomers say they want to retire by age 65. Neither says they’re saving enough.
A recent Metlife study, “Boomer Bookends: Insights into the Oldest and Youngest Boomers,” shows in the years leading up to retirement, a majority of both age groups admits their retirement savings plans are not on schedule; 46 percent of the oldest group and 57 percent of the youngest say they are not saving as much as they hoped.
“Our conclusion from this data is that the Oldest Boomers are behind in their savings and many are delaying both Social Security and retirement. The youngest group, twice the size of the oldest group, is also behind on saving, which has ramifications for the entire economy as we move through the next 20 years,” said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute. “Our current economic downturn has impacted the Oldest Boomers, who have fewer years to recover financially, and points to the need for the younger group to build a financial safety net as they look ahead to their retirement.