Most boomers who will turn 62 in 2008 note that they are retired or will be fully retired by age 65, according to a new report released by the MetLife Mature Marketing Institute. They also revealed that they will collect Social Security by age 65, that they've been married only once and that they have an average of 2.4 children.  Of those who have children, 78% have grandchildren (66% of total). 

"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. 

The MetLife Mature Market Institute survey, Boomers Ready to Launch, takes 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.

"This is the first time that the oldest baby boomers, including their lifestyles, perceptions and plans, have been examined in such detail," Timmermann said.  "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."

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.

Politically, 44% of these 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 20s. About 22%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. About 45% acknowledge doing only a poor to fair job of ensuring that they have adequate coverage for their own long-term care needs.

As for education, 45% have an associate's or bachelor's degree.

Only 5% have both parents still living; 27% have one parent. The fact that the remaining 68% have neither of their parents living indicates that caregiving for an older relative is no longer a responsibility.  Around 87% 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. Around 38% are expecting an inheritance of an average of $210,000, while 35% percent have already received an inheritance of an average of $113,000.

When asked to use one word to explain the best aspect of being 62, respondents offered the following descriptions: 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."

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. 

Additional data that Boomers Ready to Launch reports about boomers born in 1946:

• 31% plan to apply for Social Security when they turn 62 and 32% say they will wait until age 66 or beyond when they can receive full benefits.
• 68% say they have employee or retiree health insurance.
• 47% are covered by a defined benefit plan, 50% have a 401K and 50% have an IRA.
• 38% have stocks and 38% have mutual funds.
• 22% have long-term care insurance.
• 85% own their own home. The average value of their homes is $297,900.
• 16% would consider a reverse mortgage primarily to take care of their own long-term care needs and costs; 74% are aware that they are eligible at age 62 to apply for a federally backed reverse mortgage.
• 25% say they plan to move to another area for retirement.

Boomers Ready to Launch was conducted by GFK Custom Research North America on behalf of the MetLife Mature Market Institute during November 2007. The study consisted of a 15-minute telephone survey of 1,000 participants, from multiple survey panels, who were age 61 in 2007.  The survey results were weighted to be representative of the population of 61 year olds in the United States. The margin of error was +/- 3%.

Staffed by gerontologists, the MetLife Mature Market Institute, part of the company's Retirement Strategies Group, has been providing research, knowledge management, education and policy support for over 10 years to Metropolitan Life Insurance Company, its corporate customers and business partners. MetLife is a subsidiary of MetLife, Inc. (NYSE: MET), a leading provider of insurance and financial services to individual and institutional customers.

For a summary of Boomers Ready to Launch, please write to the MetLife Mature Market Institute, 57 Greens Farms Road, Westport, CT 06880, call 203-221-6580 or e-mail MatureMarketInstitute@metlife.com.  The profile also can be accessed online at http://www.maturemarketinstitute.com/ under 'What's New.' [Return to top]