The leading edge of the baby boom generation now has reached the Social Security full retirement age of 66, and slightly more than half actually are retired, according to a MetLife Mature Market Institute analysis.
That runs contrary to the popular notion that boomers will work as long as possible, although the average planned retirement age of the older segment of that generation has risen to 71 from the previously expected 69.
The 52 percent of the leading edge cohort who were actually retired in 2012 was up from 45 percent the previous year and more than double the 19 percent of 2008, when they were hitting the earliest age to collect Social Security.
More than half of the currently retired oldest Boomers retired earlier than they had expected, although they didn’t necessarily intend that to happen; about a third of them cited health challenges or job losses for retiring when they did.
Also, of those retired, more than a tenth are continuing to work either part-time or seasonally.
Of those who retired later than they expected, around three tenths cited the need for income and nearly the same share said they enjoyed working and wanted to stay active.
