Age Wave Insights into the Oldest Baby Boomers

What was fascinating when we did our Age Wave study of baby boomers and looked at the crosstabs is that there were not a lot of huge statistical gaps (some subtle differences yes) between the oldest and youngest boomers.The MetLife Mature Market Institute released this week a study of the ‘average’ 62-year-old baby boomer (born in 1946). Some interesting results: Relationships:The average 62-year-old American:- is married to the same spouse, who is 60.- has 2.4 children over the age of 18, who are not living at home- neither parent is alive, so they are truly empty nestersHealth– They are in very good health and feel that their own health status and the age at death of their parents and grandparents most influences their own life.Education– They have at least some college education.Finances– Has a household net worth, excluding home value, of $257,800. Their home is currently worth $297,000.Housing– They own their own home and they do not plan to move from their current residence.Identity– They like the term ‘baby boomer’ to describe themselves- (This one’s a big disconnect) They feel they have done a good job of ensuring a steady stream of income for the future, and in planning to live their early retirement years to the fullest. At the same time they feel that they have done a only a poor to fair job of saving and investing for their children’s future, and ensuring coverage of their own long-term care costs.- They do not view themselves as being ‘old’ until they are 78. Retirement– They plan to be fully retired by age 66, and they like the word ‘retirement’ to define their next life transition.