Employer Survey: 1 of 4 Boomers Won't Retire Because They Can't
WOB#6
Introduction
The Baby Boom generation is now on the cusp of retirement, with the oldest Boomers 60 years old. As this huge generation makes its way out of the labor force, it will do so on much different terms than those offered workers over the past quarter century. The share of earnings replaced at any given age by Social Security and employer plans will be less. And that income stream will also be less secure. Many observers are thus concerned that Boomers will be unprepared for retirement. However, if Boomers can delay retirement, they can raise their retirement income far more than could workers in the past. Working longer has thus emerged as an important option for improving retirement income security...
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Alicia H. Munnell is the Director of the Center for Retirement Research at Boston College (CRR) and the Peter F. Drucker Professor of Management Sciences at Boston College’s Carroll School of Management. Steven A. Sass is Associate Director for Research at the CRR. Jean-Pierre Aubry is a research associate at the CRR. The authors wish to thank Christine Rhoder for flawless communication with Matthew Greenwald & Associates, who conducted the survey with skill and efficiency, and Kelly Haverstick and Bob Triest, for sage economic and statistical advice. The Center gratefully acknowledges support from the Prudential Foundation for this project. The authors encourage others to analyze the survey data, which are accessible here.