The first group of Baby Boomers, those approaching 70 years of age, are myth-busters (no connection to the popular Australian television show of that name).
The title comes from The Met Life Report on the Oldest Boomers which says the earliest Boomers aren’t necessarily working ’til they drop as once predicted.
The national survey was conducted between Novemebr and December of 2012 with a total of 1003 respondents,all born in 1945.
Of the more than half (52 percent) who are fully retired, 38 percent said they were ready. Only 17 percent cited health reasons and 10 percent had lost their job. Working full-time were 22 percent and 14 percent, part-time.
The figures from the 2013 study show a big jump since 2007 when just 19 percent of the oldest Boomers were retired. The study followed the finances, housing status, and family life as the Boomers moved from 62 to 67. While a majority said they had less income, lower income did not necessarily equal a lower standard of living. (Only 20 percent felt their income had declined.)
Among other findings…
• Long-term care was at the top of the list of retirement concerns with 31
percent concerned about providing for themselves and their spouse but
less than 25 percent owning long-term care insurance.
• 86 percent are collecting Social Security benefits, half of them collecting
earlier than planned.
• 14 percent are working part-time or seasonally (4 percent are
self-employed).
• 82 percent wants to age in place.
• Eight percent owe more on their mortgage than the value of their home.
• Older Boomers have an average of 4.8 grandchildren.
• 79 percent have neither parent living, but more than one in 10 provide
regular care for a parent or older relative.
• 16 percent believe they are sharper mentally (30 percent believe they
were sharpest in their 40s.)
• More than 40 percent are optimistic about the future; nearly a quarter
are optimistic about their health and two in 10 feel good about their
personal finances.
• More than half feel their generation is leaving a positive legacy
(values, morals, and work ethic) for generations to come.