Retirement

As the leading edge of the giant Baby Boomer generation turns 65 on January 1, 2011, a Pew Research roundup of new and recent surveys finds that this age group is more downbeat than others about the trajectory of their lives and the direction of the nation as a whole. This report explores Boomers’ political and social values; their economic hopes and fears and their overall satisfaction with life.

Among workers ages 50 to 61, fully 63% say they might have to push back their expected retirement date because of current economic conditions.

About half of all current retirees say they retired because they wanted to.

Older adults are staying in the labor force longer, and younger adults are staying out of it longer. Both trends intensified with the recession and are expected to continue after the economy recovers. One reason: Older workers value not just a paycheck, but the psychological and social rewards.

The American work force is graying -- and not just because the American population itself is graying. Older adults are staying in the labor force longer, and younger adults are staying out of it longer.

There is a sizable gap between the expectations that young and middle-aged adults have about old age and the actual experiences reported by older adults themselves.

Just over half of all working adults ages 50 to 64 say they have thought in the past year about postponing retirement.

In the midst of a recession that has taken a heavy toll on many nest eggs, just over half of all working adults ages 50 to 64 say they may delay their retirement -- and another 16% say they never expect to stop working.

Older adults are less likely than younger and middle-aged adults to say that in the past year they have cut back on spending; suffered losses in their retirement accounts; or experienced trouble paying for housing or medical care.