Baby Boomers: Will they ever retire?

This entry is part 3 of 5 in the series Baby Boomers

Younger generations say it’s time for boomers to exit the main stage of life and make room for them. The stereotypical boomer isn’t willing to give up the limelight, postponing retirement as long as possible.

But are boomers really reluctant to retire?

The oldest members of the Baby Boomers have already reached retirement age—and most of those are retired. Only a third of Americans 67 or 68 years old—the first members of the boomer generation—are still working, reports Gallup. And many of these are not working in a full-time capacity. Only 16% are working full time.

Boomers in their early 50s are still working—about 80%, according to Gallup. But only half of boomers who are 60 are still working. After age 60, the retirement trend accelerates.

How does this compare with pre-boomer generations? Are boomers slower to retire?

Boomers aren’t unique when it comes to retirement. They’re retiring “on time,” as Gallup puts it. Older boomers are retiring at the same time as members of the pre-boomer generation. The youngest boomers won’t reach the traditional retirement age of 65 until 2029, but if present trends continue, most of them will be retired by then.

If you’re a boomer, are you retired?
If you’re a boomer but not retired, do you have plans to do so?
If you are not a boomer, do you want boomers to speed up retirement?

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Comments

  1. Sandra Xenakis says

    I’m not technically a boomer, as I was born just months before WWII ended. I’m still working (self-employed, part time) for two reasons: I need the income, and I would be bored without work. I think a lot of boomers feel the same. For most of us, it’s a necessity!