Question

According to multiple AARP surveys, most boomers plan to retire before the age of 65 because they no longer wish to work or because they have the savings to support themselves while not working.

a) True
b) False

Answer 1

The claim that most boomers plan to retire before age 65 is false, as surveys indicate many intend to work past retirement age due to insufficient savings and the desire to stay active. Economic challenges include potential labor shortages and underfunded retirement programs.

Step-by-step explanation:

The statement that most boomers plan to retire before the age of 65 is false. According to a 2013 survey, 76 percent of U.S. workers believe that they will continue working past retirement age. This reflects a shift in attitudes towards retirement, with many boomers aiming to remain active in the workforce beyond the traditional retirement age.

Furthermore, the economic impact of retiring baby boomers is substantial, with potential labor shortages and financial instability due to underfunded Social Security and Medicare programs. Many boomers have not saved adequately for retirement, with most having much less than the recommended savings needed to maintain their standard of living. This shortfall in savings is due to a variety of factors including economic recessions and changes in pension availability.

Thus, the assertion that most boomers intend to retire early because they have sufficient savings or no longer wish to work does not align with survey data indicating a trend towards extended work life and concerns about financial preparedness for retirement.