We have reached the day in which Baby Boomers retiring.
The oldest members of the generation known as Baby Boomers have reached retirement age. The business world expects to see a lot of Baby Boomers retiring.
But the business world is finding out that a lot of Baby Boomers have already retired.
According to a survey commissioned by MetLife Mature Market Institute, 52 percent of people born in 1946 are now are retired. The Baby Boomer generation is considered to be from the end of World War II through the 1950s.
Twenty-one percent of Americans born in 1946 are still working full-time, and 12 percent report they are working part time or seasonally. Only 1 percent of Americans born in 1946 say they are looking for work.
The 2013 Spectrem study Changing Investor Attitudes and Behaviors reports that 79 percent of Mass Affluent investors with a net worth between $100,000 and $1 million not including primary residence consider themselves retired. Only 9 percent are still working. 12 percent considered themselves semi-retired.
Only 1 percent of Mass Affluent investors 65 years of age and older said they were concerned about being able to retire when they want to.
According to the MetLife research, the oldest Baby Boomers retired before the commonly known age of retirement at 65. The average age of retirement among those already retired was 59.5 years old. The report indicates we saw the oldest group of Baby Boomers retiring at the age of 62, the age at which one can begin collecting Social Security benefits (even though the payments are reduced at that age). Another 19 percent retired at 65, when Medicare eligibility starts.
Twenty-two percent of 1946-born Americans retired at the age of 55 or younger.
The reasons for Baby Boomers retiring were varied. Thirty-eight percent retired because they reached retirement age, 17 percent retired because of a health problem, 11 percent retired because they were tired of working, and 10 percent were laid off and just went ahead and retired. Only 4 percent retired because they had enough money and could afford to do so.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.