Almost half of boomers worried that they don’t have enough for comfortable retirement
April 7, 2011
A poll conducted by The Associated Press and LifeGoesStrong.com has found that 44 percent of baby boomers, age 45 to 65, are worried that they do not have the financial means to live out a comfortable retirement.
Nest eggs for the golden years seem to have been hit even harder – 57 percent of respondents said that they had lost money during the recent economic downturn.
"Economic anxiety has certainly taken its toll on baby boomers. Pensions, social security and individual savings plans like 401(k) accounts aren't secure enough to float the average boomer's retirement boat," said personal finance expert Valerie Coleman Morris.
There may be some good news for couples, though, as married boomers were found to be more confident in their savings than their unattached peers (61 percent versus 46 percent).
Many boomers are also taking care of their parents, which can cost them time and money. It may be wise to invest in a personal emergency response system and install the device in a senior's home. This can enable older adults to instantly send a medical alert if they require assistance.
Consequently, baby boomers may not have to leave work early to tend to a parent's needs. Experts also suggest that older workers may want to delay retirement by a few years to better buffer their savings.