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The Widener University 'Elder Pennsylvanian Survey' Finds Pennsylvania's Baby Boomers Anticipate Working Longer, Retiring Later to Help Offset Looming Health Care Costs
Date:1/15/2008

t installment of this survey are significant in uncovering the challenges boomers face," remarks Dr. Eric Brucker, professor of economics at Widener University and principle investigator of the survey. "The attitudes and trends revealed in our survey are relevant not only to other aging baby boomers, but to the state, local governments, and employers alike."

A little over half of boomers (52 percent) indicate that they plan to retire at or before age 65, compared with the majority of their elders, (82 percent) who report being retired before age 65. Pennsylvania boomers plan to work longer than their elders but they also expect more flexibility in the workplace. A reported 42 percent of those working would hope to phase out their full-time job by working fewer hours. Other boomers (70 percent) see working part-time, or being self-employed, as a transition strategy. Shockingly, 25 percent of all those working expressed an interest in never retiring.

"This statistic is especially pertinent to Pennsylvania's employers and public policy makers, and will impact new employer strategies as boomers plan to extend their working lives," says Brucker. "In addition, as the state plans for future aging, it will need to anticipate the trend of older retirement."

The survey also reveals a shift when and why elders chose to retire. Retirement has evolved into a decision that takes into account both emotional and financial factors. This survey reveals many boomers in early retirements are associated with poorer health and a lesser sense of emotional well being. Ninety-seven percent of non-retired workers age 62 to 70 and 86 percent of working boomers reported that their emotional well-being was either "very good" or "excellent." Conversely, only 63 percent of the retired boomers and 78% of those boomers over age 70 reported "excellent" or "very good" emotional well-being.

As defined contribution plans continue to grow and traditional employer prov
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SOURCE Widener University
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