|Copyright:||(c) 2011 Paddock Publications|
The 77 million-strong generation born between 1946 and 1964 has clung tenaciously to its youth. Now, boomers are getting nervous about retirement. Only 11 percent say they are strongly convinced they will be able to live in comfort.
A total of 55 percent said they were either somewhat or very certain they could retire with financial security. But another 44 percent express little or no faith they’ll have enough money when their careers end.
Further underscoring the financial squeeze, 1 in 4 boomers still working say they’ll never retire. That’s about the same number as those who say they have no retirement savings.
The Associated Press-LifeGoesStrong.com poll comes as politicians face growing pressure to curb record federal deficits, and budget hawks of both parties have expressed a willingness to scale back
The survey suggests how politically risky that would be: 64 percent of boomers see
The survey also highlights the particular retirement challenge facing boomers, who are contemplating exiting the work force just as the worst economy in seven decades left them coping with high jobless rates, tattered home values and painfully low interest rates that stunt the growth of savings.
“I have six kids,” said
Marshalek was among the 25 percent in the poll who say they plan to never retire. People who are unmarried, earn under
Overall, nearly 6 in 10 baby boomers say their workplace retirement plans, personal investments or real estate lost value during the economic crisis of the past three years. Of this group, 42 percent say they’ll have to delay retirement because their nest eggs shrank.
Though the first boomers are turning 65 this year, the poll finds that 28 percent already consider themselves retired. Of those still working, nearly half want to retire by age 65 and about another quarter envision retiring between 66 and 70.
Two-thirds of those still on the job say they will keep working after they retire, a plan shared about evenly across sex, marital status and education lines, the survey finds. That contrasts with the latest
“I’m going to keep working after I retire, if nothing else for the health care,” said
About 6 in 10 married boomers expect a comfortable retirement, compared with just under half of the unmarried. Midwesterners are most likely to express confidence in their finances.
“I’m a good planner,” said
“I’m spending money I have, not spending it and trying to repay it,” he said.
Among boomers like Rivers who plan to continue working in retirement, 35 percent say they’ll do so to make ends meet. Slightly fewer cite a desire to earn money for extras or to simply stay busy.
Excluding their homes, 24 percent of boomers say they have no retirement savings. Those with nothing include about 4 in 10 who are non-white, are unmarried or didn’t finish college.
At the other end, about 1 in 10 say they have banked at least
Despite the worries and dearth of savings cited by many, only about a third of boomers say it’s likely that they’ll have to make do with a more modest lifestyle once they retire. Only about 1 in 4 expect to struggle just to pay their expenses.