Fewer Americans Planning to Retire
According to a new MetLife study, many boomers will continue working into what would have been their retirement years. The study, called The MetLife Report on Early Boomers, suggests that Americans will continue working out of financial necessity and retirement will be put off, for some, indefinitely.
The study, focusing on those born between 1946 and 1955, notes that mounting college debt, second mortgages, and second home ownership have put these boomers' nest eggs at risk. In addition, 25 percent report having "boomerang children" -- or mature children living with them. Additional key points of the study include:
- Over the next 10 years, aging early boomers will result in a 50 percent rise in the number of people 65 to 74 years old, a growth rate not seen in 50 years.
- By 2020, women will head at least one-third of households ages 65 to 74, and many of these women will have the additional responsibility of raising their grandchildren.
- The labor force rate of boomer men and women is at a 15-year high (65.2 percent) and trends suggest that it will rise higher in the future.
- Employers will face continued challenges both in accommodating the increasing needs of the boomers and dealing with the younger generations who want to move ahead.