This study provides a view of those Baby Boomers born in 1946 who turned 65 in 2011. It examines the attitudes and behaviors of this leading edge Boomer segment as they transition into the next phase of life.
Almost one-half (45%) of 65-year-old Boomers are now fully retired (up from 19% in 2008).
The majority of Boomers (63%) have also started receiving Social Security benefits, and of those half started collecting before they had originally planned, while only 5% retired later than originally planned.
Almost four in 10 respondents (37%) who retired earlier than they had planned cite health-related reasons for doing so, while those who retired later than they had planned mention needing a salary to pay for day-to-day expenses (27%) and a desire to stay active (13%) as the reasons.
Six in 10 Boomers are at least somewhat confident in the ability of Social Security to provide adequate benefits for their lifetime.
The random digit-dial telephone survey of 1,012 respondents born in 1946 (450 of whom were a sample of respondents to the 2009 Boomer Bookends: Insights Into the Oldest and Youngest Boomers study) was conducted by GfK Customer Research North America on behalf of the MetLife Mature Market Institute between November 3, 2011 and November 30, 2011. The sample was supplemented by an additional sample of 562 respondents from Dunhill.