The MetLife study entitled, Boomer Bookends: Insights Into the Oldest and Youngest Boomers, shows that in the group born in 1946, some 2.7 million Americans, about one in five have delayed collecting Social Security, and few have fully retired (19%). Only 13% have saved fully for their retirement and another 25% say they are on track to do so; a leading concern is affordable health care. About two-thirds of the Oldest Boomers remain in the work force, 50% full-time. Almost six in ten have provided financial assistance to their children and grandchildren, perhaps putting their own plans at risk. It is seen as an unexplained contradiction that a large portion (24%) say they have no concerns about retirement, across income levels.

Many in the youngest group, 4.6 million people born in 1964, would rather be described as Generation X than Baby Boomer and say they will consider themselves “old” at age 71. Their Older Boomer counterparts say 78 is “old.” They are resisting the conventional wisdom that retirement will be put off. They want to retire by age 64, but believe they will not be able to do so until age 65, though they will not be eligible for full Social Security retirement benefits until they are 67. Only 36% say their retirement savings plans are on schedule and a good deal express concern about outliving their money. This group will not rely on defined benefit pensions for their retirement income like the Oldest Boomers; they expect to depend largely on the funds in their 401(k)s. Social Security still plays an important financial role for both groups.

“Our conclusion from this data is that the Oldest Boomers are behind in their savings and many are delaying both Social Security and retirement. The youngest group, twice the size of the oldest group, is also behind on saving, which has ramifications for the entire economy as we move through the next 20 years,” said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute. “Our current economic downturn has impacted the Oldest Boomers, who have fewer years to recover financially, and points to the need for the younger group to build a financial safety net as they look ahead to their retirement.

“In our comparison between the Oldest Boomers first contacted in late 2007 and re-contacted late last year, we found that there are many consistencies, but not when it comes to retirement,” said Timmermann. “They continue to rate their health as good; they have remained in their own homes and they continue caring for their aging parents. However, only 15% of those who said in 2007 that they would retire in 2008, actually did.”