If present trends continue, Americans might not be as bad off for retirement as once thought. While it's admittedly still a very big "if," the MetLife Mature Market Institute reports that one year into baby boomer retirement almost one-half (45%) of 65-year-olds are now fully retired (up from 19% in 2008).
"Despite the conventional wisdom that boomers are ready to 'work forever' and significantly extend their formal working career, many of the oldest boomers are already well into the retirement phase," the institute says in a report. "Almost twice as many 65-year-olds in 2011 stated that they were fully retired as were working full-time at age 65 (45% versus 24% respectively). A large majority of those who have transitioned into their retirement also report that they are well satisfied with this new stage of their lives."
Of those still working, over one-third anticipated that they will retire within the coming year, when they turn 66 and are eligible for full Social Security retirement benefits. Despite this anticipation, a small minority (15%) are unconvinced of the Social Security program's long-term sustainability, and slightly more (21%) are fully convinced that it will be around. Almost two-thirds (63%) are also currently collecting Social Security retirement benefits. At the same time, of the 65-year old boomers who have not retired, many are considering working until even longer than in the past. Consistent with prior studies, major concerns are having adequate finances, staying active and productive and covering long-term care costs.
With a large majority of these oldest boomers without a living parent (76%) and 83% of those with children now also having grandchildren, much of their attention has turned to these younger generations. Of the approximately one in four who have at least one living parent, the incidence and activity of elder care has remained steady at 14%.
The respondents also revealed that concerns about the recession may be waning, although it still clearly concerns many, with 43% expressing optimism about the future (next 25 years). In this regard, 25% relate it to their personal finances and 22% to their health. Of those pessimistic, most attribute this to the government (49%) or the economy (21%).
