MetLife asked pre-retirees to answer a series of questions about how they would transition into retirement and found that while overall preparedness is low, retirement planning is especially aggressive among boomers between 55 and 64. The report identified several steps pre-retirees need to take to determine if they’re ready to retire. As expected, the closer boomers are to retirement, the more tasks they have completed.
More than half of respondents surveyed by MetLife for the Retirement Readiness Index said they were behind in retirement planning and one-quarter said they were “significantly behind.” Thirteen percent went so far as to say they had no retirement goals and 7 percent haven’t started saving.
But within five years of retirement, boomers have completed an average of eight tasks, compared with those between 6 and 15 years who have only completed five.