Published January 6, 2011
2011 is destined to be a watershed year for the baby boom generation. This is the year that the first wave of baby boomers, those born in 1946, will turn 65—at the rate of 7,000 per day.
Sixty-five is the traditional retirement age, but baby boomers have rarely followed tradition. Most experts are predicting that baby boomers will redefine retirement, as they have redefined every life stage they have passed through since leaving the cradle.
AARP Surveys Baby Boomers Turning 65
Rather than speculate about what the oldest baby boomers are thinking as they approach their 65th birthdays in 2011, AARP decided to ask. In a telephone survey of 801 people who will be turning 65 in 2011, chosen at random from throughout the United States, AARP found that the first wave of baby boomers are generally satisfied with their lives and optimistic about the next stage.
Baby Boomers Focus on Finances and Health
Financial security and health are two of the top issues influencing how the oldest baby boomers feel about the future and the plans they are making for the final third of their lives.
Looking to the future, baby boomers who are turning 65 in 2011 want to spend more time with family, travel, volunteer, and make time for their hobbies and personal interests.
Baby Boomers Plan to Stay Put, Keep Working
Most of the baby boomers surveyed say they plan to age in place; they have no plans to relocate or buy second homes to be near family or enjoy better weather.
Unlike previous generations, baby boomers see retirement not as an absence of work, but as another stage of life in which work continues to play an important role. A significant percentage say they will never consider themselves retired.
Other highlights of the survey, Approaching 65: A Survey of Baby Boomers Turning 65 Years Old [pdf], include:
- Life Satisfaction--78 percent of baby boomers turning 65 in 2011 say they are satisfied with the way things are going in their lives.
- Life Expectations--40 percent of the oldest baby boomers feel they are just about where they expected to be at this point in terms of financial security and personal health, although more people feel they are worse off in these areas than those who feel they have done well. In addition, slight majorities feel they are about where they expected to be in terms of their relationships, work and spiritual lives.
- Life Achievement--70 percent of baby boomers turning 65 in 2011 say they have achieved all or most of what they wanted out of life; 26 percent say they have achieved some of what they wanted. Only 3 percent say they have achieved little or none of what they wanted out of life.
- Longevity--Baby boomers turning 65 this year expect to live about as long as they want to live. On average, baby boomers turning 65 in 2011 expect to live until they are 85.2 years old, only 3.5 years less than the average length of time they say they want to live: 88.7 years.