Opposing Views and Data in recent Survey

Just in case there is any doubt that we will faithfully report views and data that do not line up with our own, here are some highlights of an article from the Chicago Sun Times website, called "Zooming in on Boomers," and dated December 31, 2007.

This data is from a survey of boomers turning 62 this year (i.e. the oldest boomers, like yours truly), and NOT from the whole group. That may account for some of the discrepancies with the AARP surveys to which I often refer.

The majority of baby boomers to turn 62 in 2008 report that they:

Are retired or will be fully retired by age 65.

31% plan to apply for Social Security when they turn 62, and 32 percent say they will wait until age 66 or beyond when they can receive full benefits. (***Editors Note: If you are in that 31%, please at least read my article dated November 20th entitled "Don't Do It," and check back for updates.)

68% say they have employee or retiree health insurance.

47% are covered by a defined benefit plan, 50 percent have a 401(k), 50 percent have an IRA.

38% own stocks, and 38 percent have mutual funds.

22% have long-term care insurance.

85% own their own home with an average value of $297,900.

16% would consider a reverse mortgage primarily to take care of their own long-term care needs and costs; 74 percent 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.

Have been married only once and have 2.4 children on average.

Of those who have children, 78 percent have grandchildren

Are 2-to-1 more likely to be politically conservatives vs. liberal.

"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, director of the MetLife Mature Market Institute, which conducted "Boomers Ready to Launch," a profile of the first baby boomers as they turn 62.

"This is the first time that the oldest baby boomers, including their lifestyles, perceptions and plans, have been examined in such detail," said Timmermann. "They're comfortable being identified as a baby boomer, and contrary to claims that they're not ready to retire, only 18 percent dislike the term 'retirement' to describe their next transition. (Editors Note: Hmmmm, I have much work to do :-)

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. (Editors Note: Can't argue with that!)

All in all, this is a fairly affluent group who remain in good health with a lot more left to give." (Editors Note: ... or that!)


Here is the rest of the article



Comments

PAB said…
Even though I'll be 63 in 2008 and therefore not an official Boomer, most of the data is applicable. I'm planning to retire at 65 and continuing to work, maybe less hours, in a volunteer role if possible. The reduction in SS benefits is only 6 point something %. However my wife is a true Boomer and will retire at 62 this year. She is planning to continue working in real estate up to the ~$13,000 max.

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