More Middle Boomers — those 52 to 58 years old — expect to work about five years beyond their planned retirement date, thanks to the recession, according to a new study of that segment of 29 million people, reports WalletPop.
The “MetLife Study of Boomers in the Middle” showed 54% saying they were behind in their retirement-savings goals. Economic conditions have hurt 76% of those surveyed, and almost half of those are concerned about their ability to recover.
“I think just in general we’re seeing people who need to work longer,” said Sandra Timmermann, director of the MetLife Mature Market Institute, in a telephone interview with WalletPop.
Of those Middle Boomers who have delayed their retirement age, 85% have been hurt financially by the recession.
Many Middle Boomers who planned to retire at age 65 will work until they’re 70, Timmermann said.
The benefits are much more than a paycheck for five more years: a 401(k) retirement account match, not drawing down their assets, delaying Social Security benefits, and benefits from their employer such as health care.
It won’t get them to a life of leisure on the golf course anytime soon, but it will hopefully lead to more money when they get there.
Photo by thinkingaboutretiring.com.