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USA : The Majority of The Baby Boomers in Good Health Are Not Going to Retire...
By K.S., LeMarchedesSeniors
November 19, 2004
"Affluent Baby Boomers in large numbers are saying 'no' to the concept of traditional retirement -- opting to remain in the workforce when they hit their chosen retirement age. This coincides, of course, with significant uncertainty about Social Security and the elimination of so many traditional retirement plans. The fact that such a high percentage of these individuals are planning to sell their homes to fund their eventual retirement suggests that few can manage the type of 'Golden Years' retirement their parents enjoyed," said George H. Walper, Jr., President of Spectrem Group.
Indeed, the expectations of the affluent Baby Boomers are substantially different from the experience of current retirees. Nearly two-thirds (62%) of current retirees were fully retired at their chosen retirement age, the report found. This compares to the 26% of affluent, working Baby Boomers expecting to do so.
Baby Boomers are defined as individuals born between 1946 and 1964, representing nearly half of the 190 million U.S. workers fully insured for Social Security, according to U.S. Census Bureau statistics. The first Baby Boomers will turn 65, the standard retirement age, in 2011. About 69% of all Baby Boomers are still at work. Affluent Baby Boomers, the focus of the Spectrem report, are those with investable assets of at least $500,000.
The report, "Serving Baby Boomer Retirees," is based on survey responses from 500 affluent households. The survey data were gathered via telephone interviews conducted during the summer of 2004 and have a margin of error of plus or minus 4 percentage points.
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© 2002 Global Action on Aging
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