Over the next decade, aging early baby boomers will result in a 50 percent increase in the number of people 65 to 74 years old, a growth rate not seen in 50 years according to the MetLife Mature Market Institute.
The study, Early Boomers: How America’s Leading Edge Baby Boomers Will Transform Aging, Work & Retirement reports that those born between 1946 and 1955 will transform the American concept of retirement by forgoing the tradition of a leisure-filled life.
The late 20th Century pattern of working until about age 65 and then spending one’s remaining years in the leisure pursuits is very likely over. Instead, their financial obligations among other things will encourage many of them to remain in the workforce, some indefinitely said the report.
Co-authored by Peter Francese, a noted American demograhpics experts said that in the past about three-quarters of men and women would be fully retired within four to five years from their 65th birthday. But by the time the first Early Boomers approach age 70, fewer than half of those ages 65 to 69 will have retired. It is also reported that Early Boomers, now numbering 36 million, have swelled the 55 to 64 age cohort more in the past decade than in the previous 30 years and made that cohort the largest it has ever been.
“The Leading Edge Boomers have a tradition of being trailblazers and their entry into the 65- plus generation keeps that reputation alive,” said Francese. “While their retirement years will be met by financial challenges, they may end up having more social and personal fulfillment than that of their parents through their continued presence in the workplace.” Women will also dominate the Early Boomer demographic in the years to come.
According to the report, there are there are 1.3 million more Early Boomer women than men. It is projected that by 2020 there will be 2 million more Early Boomer women than men. By then at least one-third of households ages 65 to 74 will be headed by women.
To view a copy of the report, see here.