MetLife Report casts oldest Baby Boomers as "Myth Busters"
"Oldest Boomers are following in the footsteps of the generation before them as they continue to prefer the “Green, Green Grass of Home,” with 82% choosing to age in place as they do not plan any future moves. Eight percent are “upside-down” on their mortgage, owing more than the value of their home. Perhaps they are enjoying their homes more now though, since 83% are empty nesters. At the same time, the next generation of their family is expanding, with oldest Boomer grandparents now having an increased average of 4.8 grandchildren. As the younger generation grows, however, the older generation dwindles, with 79% of oldest Boomers having neither of their parents living. Still, more than one in 10 are providing regular care for a parent or older relative, and almost a quarter of those have a high intensity commitment, spending more than 20 hours per week doing so."
- The MetLife Report - "The Oldest Boomers
Healthy, Retiring Rapidly and Collecting Social Security," May 2013
- The oldest Boomer families are changing. They have an average of 2.4 children, but the majority (83%) has no children living with them.
- They have more grandchildren now, with an average of 4.8 (up from 2.6 grandchildren in 2008.)
- Thirteen percent of the oldest Boomers are caring for a parent or relative, spending an average of 11.7 hours per week in 2012, up from 10.5 hours per week in 2011.
- Oldest Boomers continue to gradually increase their planned retirement age with an average age of 71 in 2012, up steadily from 66 in 2008 and 69 in 2011.
- Just over half of the oldest Boomers have reached or are on track for their retirement savings goals, an increase from only 38% in 2008. However, 34% are somewhat or significantly behind in their saving.
- Long-term care costs are a top retirement concern for oldest Boomers, and close to 70% of all oldest Boomers say they believe long-term care should be covered under the national Medicare umbrella. Only a quarter currently have
private long-term care insurance.