Contrary to the popular wisdom that since the Great Recession, Boomers will continue to work past the age of 65, a MetLife Mature Market Institute study, Transitioning into Retirement: The MetLife Study of Baby Boomers at 65, shows that those born in 1946 are retiring en masse despite the perception that their retirement savings were ravaged during the financial collapse.
“Many of the Boomers weathered the recession well and have been able to stop working. Half of all Boomers feel confident that they are on track or have already hit their retirement goals,” said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute.
Fifty-nine percent of the first Boomers to turn 65 are at least partially retired. Forty-five percent are completely retired and 14 percent are retired yet still working part-time. Of those still working, 37 percent will retire within the next year and none plan on working past 68.
Remarkably, 51 percent of those who are retired say that they were able to do so before they had expected but it should be noted that the majority of the early retirees did so for health reasons. Unsurprisingly, 96 percent reported that they are happy in retirement.
Another point of speculation that has been debunked by the responses to the study is that many people would delay collecting their Social Security benefits until a later year in order to receive a larger payout; 63 percent of respondents are receiving their social security benefits and began doing so at 63. The majority are confident that Social Security will remain solvent for the duration of their lifetimes.
As the average life expectancy in the U.S. continues to climb, Boomers at 65 do not consider themselves old and report that they won’t refer to themselves as such until they reach the age of 79, a year older than reported in 2007. While they are prepared to enjoy retirement, their outlook on the economy is dour with 49 percent of respondents faulting the government for the gloomy trajectory of the country and 21 percent blaming the economy.