Maybe retirement is getting more popular after all. A new study from MetLife has found that more Baby Boomers say they plan on retiring at the age of 65, contrary to some recent news articles describing how increasing number of Boomers plan to work well past the traditional retirement age.
According to the study, 59 per cent of Baby Boomers who are 65 years old have already scaled back their work commitment, and three quarters of those are fully retired, with only one-quarter still working part-time.
Of the 41 per cent of older Baby Boomers who are still working, the vast majority say they plan to retire in the next two to three years.
The study also found that the average retirement age for the first wave Baby Boomers born in 1946 was 57 for women and about 60 for men.
Among current 65 year-olds, the study reported that most have become grandparents already, but few still have a living parent, most are married and the majority own their own houses.
These findings confirm that while many Baby Boomers are concerned about paying for costs after working, most still value their retirement years, and especially when many Boomers will move into assisted living and Alzheimer’s care communities, retirement should be a goal for everyone.