Get more! Sign up for PLANSPONSOR newsletters.
Benefits November 17, 2004
Survey: Most Baby Boomers Don't Plan to Fully Retire
November 17, 2004 (PLANSPONSOR.com) - Affluent Baby
Boomers, those with over $500,000 in investable assets, do
not plan on fully retiring when they hit their chosen
retirement date.
Reported by Kip McDaniel
A full 74% of Baby Boomers (those people born between 1946 and 1964) who are still at work do not plan to fully retire when they hit their targeted retirement date, according to a Spectrem Group survey, “Serving Baby Boomer Retirees.” Thirty-four percent of respondents claimed that they plan to work a reduced schedule, while 10% don’t plan to retire at all.
How do these Boomers plan to finance their retirement? Of non-retired Baby Boomers, 63% plan to finance their eventual retirement by selling their primary residence, according to the report.
Expectations of the Baby Boom generation are much different than their predecessors, according to the survey. Sixty-two percent of current retirees were fully retired at their chosen retirement age, compared to only 26% of affluent baby boomers who think they will do so.
About 69% of Baby Boomers are still at work, the survey reports.
The survey results are based on responses from 500 affluent Baby Boom households gathered via telephone. Those interested in purchasing the report should contact Spectrem Group ( www.spectrem.com ) at (312) 382-8284.