Baby boomers have been talking a good game for years about working longer and reinventing the last third of life. Now that it’s game time, their retirement decisions look somewhat conventional.
More than half the oldest boomers – those born in 1946 – had fully retired by the end of the year in which they turned 66, the age the Social Security Administration pegs as “full retirement age,” according to a survey by the Metlife Mature Marketing Institute.
Those boomers retired an average of five years earlier than they had predicted they would; the Metlife survey found that the average filing age for the oldest boomers is 63.6. Those who haven’t yet retired continue to forecast longer working lives: They say they will hang in until 71, up from 69 in 2011.