Study predicts that fewer than half of boomers will retire by 70
October 4, 2010
A new study released by the Metlife Mature Market Institute has found that many baby boomers will continue working well past retirement age and, by the time the oldest members of the demographic have turned 70, fewer than half of them will have retired.
One driving factor is that many boomers are in white collar jobs that are less physically demanding, which means that is it is more viable for them to stay in the workplace as they age.
Currently, the employment rate for early boomers, those born from 1946 to 1955, is at an historic high, with 65.2 percent of the age group still working.
"The Leading Edge boomers have a tradition of being trailblazers and their entry into the 65-plus generation keeps that reputation alive," demographer Peter Francese said in a statement. "While their retirement years will be met by financial challenges, they may end up having more social and personal fulfillment than that of their parents through their continued presence in the workplace."
Many baby boomers may also be caring for a parent while trying to stay in the workforce. Installing a medical alert system in a residence can allow a senior to immediately contact caretakers if there is an emergency.