More than half of the oldest boomers and their spouses have fully retired and are not working, according to a new report.
The MetLife Mature Market Institute, New York, discloses this finding in a new survey of the oldest boomers (born 1946) to learn about their work and retirement status, finances and housing, family and their views of their own baby boomer generation, aging and the future.
The number of the oldest boomers who are retired continues to rise, with 52 percent fully retired now, up from 45 percent in 2011 and 19 percent in both 2008 and 2007. The vast majority of retired boomers (93 percent) like it somewhat or a lot, down only slightly from the 96 percent recorded in 2011.
When asked why they left the workforce, nearly four in 10 of these boomers (36 percent) say they reached retirement age and wish to retire. Just 17 percent report health as the main incentive for retirement. Significantly more identified being laid off or unable to find work as the reason for their retirement in 2012 (10 percent), up 6 percent in 2011.