How Baby Boomers are Retiring

By Tammy Flanagan

August 23, 2013

One of the benefits of getting older is that your friends start to retire. My good friend Georgia left the State Department at the end of 2011 after more than 38 years of federal service. She worked for portion of time as a reemployed annuitant, but she’s been fully retired for six months. Georgia keeps busy doing all of the things that she didn’t have time for during her years of long hours of federal service -- taking power walks in the park (with me!), working out at the gym, getting a beach house, cleaning closets, and spending time with her 80-year-old mother and 102-year-old grandmother.

I asked what the best thing about retirement is so far and she said it’s not having to drink her coffee in a cup with a lid. At first I didn’t know what she meant. Then I realized she always took her coffee to go as she rushed out the door in the morning.

Georgia is one of many people in government -- and across the American economy -- who have made the decision to move into retirement. And now we’re beginning to get more information about exactly how baby boomers in particular are faring in their golden years. The MetLife Mature Market Institute conducts numerous studies on the large population of boomers who are retiring. Its latest report, “The Oldest Boomers: Healthy, Retiring Rapidly and Collecting Social Security,” released in May, takes a close look at the first wave of boomer retirees -- those born in 1946. It provides a wealth of statistical data about this bellwether group.

Let’s look at some of the numbers.

Work and Retirement

Income and Housing

Family, Health and Aging

Test Yourself

Do you know much money you’ll need to retire comfortably? Try taking the eye-opening MetLife Retirement Income Quiz. Sadly, I only got 11 out of 14 correct.

By Tammy Flanagan

August 23, 2013