Early baby boomers will remain in the workforce beyond traditional retirement age, some forgoing the tradition of a leisure-filled life for retirees, according to the MetLife’s Mature Market Institute (MMI).
About 65% of early boomers participate in the workforce, and trends suggest that it will rise further in the future, according to a study by MMI, Westport, Conn., a unit of MetLife Inc., New York.
Many boomers will be unable to retire as anticipated because they may have debt from putting their children through college, borrowing against their homes and, in many cases, second home ownership, according to MMI.
Because they expect to live longer than their predecessors, early boomers–those born between 1946 and 1955–worry about outliving their savings. Their savings have been severely undermined by low interest rates and a difficult stock market, while for one in four, family finances have been stretched by the fact that adult children are still living with them.
“This group of highly educated individuals is also apt to find a welcoming employment market where their experience is desirable and where employers will recognize that they do not require benefits like health insurance due to their eligibility for Medicare,” said Sandra Timmermann, director of the MMI. “The preponderance of white-collar workers in this group will also make it easier for them to continue working.”