Baby Boomers are Changing Their Retirement Plans

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soundtracks of AL 6:47AM July 17, 2009

I want to say - thank you for this!

soma imports of MI 6:36AM July 04, 2009

I invite your readers to go to the full MetLife study for themselves to see what it has to say: http://www.metlife.com/assets/cao/mmi/publications/studies/mmi-studies-boomer-bookends.pdf
What is says is that of the "oldest boomers" in the study, 19% were fully retired, another 11% were on disability and another 9% were working parttime. This appears to total 41%. But near the end of the report, it also finds that a full 50% of the "older boomers" were fully retired, with another 3% retired, but working full-time. That would be 53%.
So, if 50% of those hitting 62 in this study and in the real world are fully retired, my guess is that most will have taken their benefits at age 62 in the year 2008. Plus,there will be a percentage of those who will still work full-time who will start at age 62, as well. Your assertion that only 11% of those "older boomers" were taking SS at age 62 is really misleading. My guess is that that is not what you meant to tell us, but that is the way it came out, as I read it. I'd go back to the study and give us a better summary of the data next time.
Thanks much.

George Fulmore of CA 8:22PM April 09, 2009

Deal Emily: What is the point of falling for some MetLife marketing propaganda when we should soon know from the Social Security Administration what the true numbers are? First, you're saying that they asked folks who were age 61 when they planned to retire? What about those who were already retired? If the average age of retirement in the U.S. is age 62, you can bet a bunch were already retired. Sounds like they were not counted in the survey. And like I have tried to point out to you in the past, there will be one statistic on the percentage of Americans who begin Social Security benefits at age 62 in the year. That will be meaningful. But it will harder to determine the percentage of those who are fully retired at age 62, the percentage of those who did not yet take their SS who really ARE retired, and so on.

George Fulmore of CA 7:53PM April 09, 2009

I retired at the end of 2006. Two years later I am fully "un-retired." My lump sum, which was conservatively invested in shambles, along with my IRA. Luckily I have a specialty and can consult and work for myself. I enjoy what I do so it is actually fun. If I were not able to bring in money I would be acutely depressed by now. This wasn't how I expected to spend my retirement, yet I am glad I am at this point rather than in the employment market my children face.

Linda of IL 11:32PM April 05, 2009

If you can get social security, you'd better take it because it's only a ponzi scheme which is now running out of the money all those millions of people are paying in. After that, the money comes out of the federal debt because it was only stolen money that has to be payed back by the working taxpayers who already have been paying 7.5 percent plus their employers were paying 7.5 percent. If invested properly, rather than put into this ponzi scheme, there would be plenty of money, but once again, the stupid Americans have been beguiled by politicians. Now, when they need it the most, it's not there because we are in recession from all this insane spending.

roger of WI 5:08PM March 31, 2009

With people living longer healthier lives the retirement age should naturally go up too. Yet it seems like people are pushing to retire earlier and earlier. Like the whole add compaign for "freedom 55". With the average life expectancy of 80 years and many living into their 90's and even over 100 years, many people are spending more of their life in the retirment years than they spent working.
As long as someone is fit enough to work they should work. I don't plan on retiring until health forces me to but as I get older and my expenses go down I do plan to work less and volunteer more.

lvana of ID 2:05PM March 21, 2009

Ed, I haven't tried it, but there are many other websites with that info, no need to stress about it....
I'm 38, thinking about retiring – sort of. I plan to retire living and loving life wherever I’m standing. I have done everything debt free since I was 25 yo. Not bcs I had a choice, I ran up some 10K in credit cards and then I had an accident. This cost me some hefty emergency bills.
After seeing how everything stockpiled I just decided to pay cash, or go without. I taught English overseas (Latin America), Norway, and got employment offers along the way. I joined the Army after Sept 11 at the age of 31. Along the way I saved a set 10% of everything I made. Not much, but I'm well further off than all my friends with over a $1 million in debt. I got out of the Army, saved almost all of my deployment (three tours) monies. Now I'm finishing my B.A. focused on grad school- all on the GI Bill. I’m looking at buying another home bcs the prices are less than renting near the university.
I plan on retiring (LOL!) as a university or college professor. I'm lucky to have health and a great outlook, but I don't plan on anyone (SSN) paying for anything. I’ll take it, when possible but I am not counting on it at all. It was meant to be a precautionary method, not a financial plan. Whatever happened to pulling oneself up by their own bootstraps? As a first generation American I bought into everything we set off to be - industrious, independent, innovative, courageous, inquisitive, and loving that simple life that Mark Twain and Rockwell knew so well? I hope you find some of my tranquility.

Bourbon of CA 11:30PM March 19, 2009

I have friends who have their 401 and what SS will pay; they think 'I will continue to work because of my losses." The only trouble is your employer is looking at you as a high expense>too much vacation, to much pay, to high medical insurance cost. Goodbye, The big problem is there are only so many Wal Mart Greeters or "would you like fries with your burger?" jobs. And the odd thing is this is happening to people in their 40's and 50's.

Loren of CA 7:38PM March 19, 2009

In life...things never stay the same. Being ready for change and always having a plan B is a good idea. We get complacent in life when the boat is floating along...A storm comes and things change...Be ready and look at it as an adventure.

carol of OR 9:27AM March 19, 2009