Surveying The Landscape of Retirement

Oct 22, 2014

In the recent recession, many older baby boomers who lost their jobs have had more difficulty finding another job, especially a job at the same pay. Some older baby boomers have stopped seeking work and have taken early retirement, while others have found work, often at reduced pay.

Older baby boomers may access Social Security as soon as 62, the earliest age to apply. At 62 baby boomers can get partial Social Security, but only 75% of what they would get if they waited until full Social Security – which comes at 65 to 67, depending on birth year.

The average retirement age has been increasing in the last several years for a variety of reasons. One reason is the difficulty many older baby boomers have had saving for retirement. Another is that the age for full Social Security is moving gradually up from 66 for the oldest baby boomers to 67 for the youngest. Older baby boomers are encouraged to continue working if they want higher Social Security retirement benefits.

Today’s retirement landscape offers a wider variety of retirement paths than in the past. Some older baby boomers have left the workforce after acquiring enough resources for retirement. Others are working full-time into their late 60s, either because they want to or have to. Some are working part-time. And, some boomers have lost long-term employment and have been pushed out of the workforce.

No one path appears to be the main direction of retirement today. Plan carefully by educating yourself on the financial and personal costs and benefits of your retirement profile.

More information can be found at

References: Center for Retirement Research at Boston College,