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How Long Do Boomers Plan To Work? (Series/Older Americans' Economic Security)
Author(s): Gordon Mermin, Richard W. Johnson, Dan Murphy

The solvency of the U.S. retirement system partially hinges on how long baby boomers stay in the workforce. If they retire as early as the previous generation, the number of workers per retiree will soon plummet, reducing the tax base and squeezing budgets for Social Security and all other government programs. But new research shows that as the boomers approach retirement they intend to work longer than people born a dozen years earlier, promoting economic growth and partly offsetting the economic pressures created by an aging population.

Posted: January 30, 2007

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Why Do Boomers Plan To Work So Long? (Series/The Retirement Project Discussion Papers)
Author(s): Gordon Mermin, Richard W. Johnson, Dan Murphy

In 2004, workers ages 51 to 56 reported a 33 percent chance of working past age 65--up from 27 percent for workers that age in 1992. Expected full-time work after age 62 increased as well. Lower rates of retiree health insurance offers from employers, higher levels of educational attainment, and lower rates of defined benefit pension coverage accounted for most of the increase. The recent uptick in average retirement ages appears to be the leading edge of a long-term trend. Lengthier careers may promote economic growth, increase government revenue, and improve individual financial security at older ages.

Posted: December 05, 2006

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How Will Boomers Fare at Retirement? (Series/Older Americans' Economic Security)
Author(s): Barbara Butrica, Cori E. Uccello

This brief provides new evidence on the adequacy of boomers' retirement resources using the Urban Institute's DYNASIM model. Our findings show that boomers will accumulate more wealth and receive more income at retirement than previous generations. Nevertheless, boomers may need to increase their savings now or work longer to maintain their real living standards at retirement. [View the corresponding press release]

Posted: November 01, 2005

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How Will Boomers Fare at Retirement? (Research Report)
Author(s): Barbara Butrica, Cori E. Uccello

This paper provides new evidence on the adequacy of boomers' retirement resources using the Urban Institute's DYNASIM model. Our findings, which show that boomers will be wealthier at retirement than previous generations, are more optimistic than those of some other studies that have assessed the adequacy of retirement savings. A key difference between DYNASIM projections and other estimates is that DYNASIM projects a broader measure of income that includes Social Security and private pension benefits, as well as earnings and income from assets. Even with this more comprehensive income measure, our results suggest that boomers need to increase their savings or work longer to maintain their real living standards.

Posted: May 01, 2004

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It's All Relative (Research Report)
Author(s): Barbara Butrica, Howard Iams, Karen E. Smith

Using the Social Security Administration's Model of Income in the Near Term (MINT), this paper compares the retirement prospects of baby boomer retirees with previous generations. In absolute terms, measured by per capita income and poverty rates, baby boomers are projected to be better off than current retirees. In relative terms, however, many baby boomers will be worse off than current retirees. First, the relative ranking of important subgroups is expected to change over time. Second, baby boomers are less likely than current retirees to have enough post-retirement income to maintain their pre-retirement living standards. These findings hold up to various definitions of family income and replacement rates.

Posted: November 30, 2003

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