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According to Boomers Ready to Launch, a national survey released in
December, 2007 by MetLife, a majority of baby boomers turning 62 in
2008 report that they are retired or will be fully retired by age
65, that they’ll collect Social Security by age 65, that they’ve
been married only once and that they have 2.4 children on average.
Of those who have children, 78% have grandchildren (66% of total).
Boomers Ready to
Launch is a first look at the leading edge of the baby boomer
generation – the first 2.9 million representatives of the 77
million-boomer cohort as they arrive at their first opportunity to
officially ‘retire.’ Age 62 is considered a ‘legislative
birthday’ because it is the first milestone at which participants in
the Social Security system can apply for regular retirement
benefits.
The Class of '46
A look at the group shows that those born in 1946 were 17 years old
in 1963 when President John F. Kennedy was assassinated and turned
18 the next year, the start of the conflict in Vietnam. Their
21st birthdays were in 1967, the year of the ‘summer of love,’ and
just before the political turmoil of 1968.
Well-known
Americans born in 1946 are: President George W. Bush, First Lady
Laura Bush, President Bill Clinton, Cher, Diane Keaton, Dolly Parton,
Linda Ronstadt, Liza Minnelli, Reggie Jackson, Sally Field,
Sylvester Stallone, Donald Trump, Suzanne Somers, Susan Sarandon,
Jimmy Buffett, and the late Gilda Radner.
"Contrary to what
most of us have believed about the baby boomers who came of age in
the turbulent 1960s, the group is very much like the ‘Silent
Generation’ that preceded them," said Sandra Timmermann, Ed.D.,
director of the MetLife Mature Market Institute, which conducted
"Boomers Ready to Launch," a profile of the first baby boomers as
they turn 62.
"Despite the social
and political turbulence of their youth, these leading edge boomers
have established very traditional lifestyle characteristics.
They were married once, had two children and feel they've done a
decent job of caring for their family, their community and
themselves. They really are more like Ward and June Cleaver
than we may have thought and they might be classified as
‘conventional.’ Just 2% say they attended the Woodstock Festival of
1969."
"They're
comfortable being identified as a baby boomer, and contrary to
claims that they're not ready to retire, only 18% dislike the term
‘retirement’ to describe their next transition. They have not,
however, lost their connection to the youth culture they ignited.
On average, as far as they're concerned, they're not really going to
be ‘old’ for another 17 years. All in all, this is a fairly
affluent group who remain in good health with a lot more left to
give."
Health & Wealth
The survey reports
that the majority (77%) of boomers born in 1946 say they are in good
to excellent health; their net worth, (excluding home value) is an
average of $257,800 and their average annual income is approximately
$71,400.
They are empty
nesters; of those who have children very few have children living
with them (fewer than one in five). Of those who have
grandchildren, 8% have grandchildren living with them.
How Old is Old?
On average, the age
at which they believe they’ll be ‘old’ is 78, with their health
status being a deciding factor. Those in excellent health say
they’ll be old at 83, while those in poor health put that number at
74.
The most popular
words they use to describe the best things about being 62 are
‘retirement,’ and ‘not having to work,’ and the words used to
describe the worst things are ‘old age’ and ‘health problems.’
Forty-five percent
like the term ‘baby boomer’ outright and another 38% are somewhat in
favor of it; 17% don’t like it. As for the term ‘retirement,’
52% like it, 31% like it somewhat and 18% don’t like it.
Politically
Speaking ...
44% of
these baby boomers report that they were and remain conservative;
20% say they were more liberal when they were young, and have become
more conservative since their 20’s. Twenty-two percent say
they have remained liberal, while 15% say they were more
conservative and have become more liberal since their younger days.
As a group, these
boomers feel they have done a good to excellent job contributing to
their communities and 83% say they were good to excellent at
providing for their spouses’ and children’s needs. Fifty-four
percent acknowledge doing only a poor to fair job of ensuring that
they have adequate coverage for their own long-term care needs.
Elder Caregiving
Responsibilities
Only 5% have both parents still living; 27% have one parent.
The fact that the remaining sixty-eight percent have neither of
their parents living indicates that caregiving for an older relative
is no longer a responsibility. Eighty-seven percent say
neither they nor their spouse are caregivers to elderly parents or
relatives right now. Of the 14% who are caregivers, 16% of
them are providing care for more than 20 hours a week – the average
number of hours is 9.5.
Best Aspects
When asked to use one word to explain the best aspect of being 62,
respondents answered: retirement or being close to retirement, being
alive, freedom, health, Social Security, wisdom and independence.
As one person put it, "I'm glad to be on the planet, rather than in
it."
Worst Aspects
As for the worst aspects, respondents answered: illness
(overwhelmingly), disability, wrinkles, aches and pains,
discrimination, under-appreciation, memory loss, mortality and
generally getting older.
Plans for Social
Security
Members of the group who say they will take Social Security at age
62 reasoned that they feel they're entitled and would rather have
the money than let the government have it. Respondents
reported that they believe it’s in their financial interest to take
Social Security sooner. Other reasons reported were: they need
the money right now and they fear there will be nothing left in the
system if they wait.
Boomers Ready to Launch can be
accessed online at
www.maturemarketinstitute.com under
‘What’s New.’
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A
Michigan Works! affiliate funded in part by the Michigan Department of
Labor and Economic Growth
