Early Boomers Will Draw on Social Security

Most Baby Boomers turning 62 next year have established very traditional lifestyle characteristics, but don't consider retirement planning to be a pressing issue, according to a survey from MetLife.
"On average, as far as they're concerned, they're not really going to be ‘old’ for another 17 years," said Sandra Timmermann, director of the MetLife Mature Market Institute, which conducted “Boomers Ready to Launch,” a profile of the first baby boomers as they turn 62.
Thirty-one percent said they plan to apply for Social Security when they turn 62 because they feel entitled and would rather have the money than let the government take it. Many Boomers said they need the money now and worry that there will be nothing left in the system if they wait.
The survey also found that 68% have employee or retiree health insurance, 47% are covered by a defined benefit plan, 50% have a 401(k), 50% have an IRA, 38% have stocks, 38% have mutual funds, 85% own their own home and the average value of their homes is $297,900.
Fifty-four percent said they are doing only a poor to fair job of ensuring that they have adequate coverage for their own long-term care needs.
Of those Boomers who are aware that they can apply for a federally backed reverse mortgage at age 62, only 16% said they would consider it.
"All in all, this is a fairly affluent group who remain in good health with a lot more left to give," Timmermann said.