During the Great Recession, working adults between ages 50 and 64 have taken a substantial hit to their retirement savings and their home values. Topping it off, they will be among the first who will not receive full Social Security Administration benefits until age 66 (67 if they were born after 1959). Most were expecting to draw upon all of these sources in their post-work years. Instead, they are finding themselves forced to rethink how they will retire.
According to recent surveys, Boomers are coping by changing their attitudes towards and plans for post-work years. They are:
- Retiring later
- Working longer
- Seeking part-time jobs after retirement