Thirty-three percent of baby boomers are worried they won’t have enough money saved for retirement, 34% do not know the age at which they will retire, and 57% plan to continue working, according to a recent survey by the Insured Retirement Institute.
However, among those baby boomers who own annuities, 90% think they are doing a good job of preparing for retirement.
“This year represents a watershed moment in terms of retirement planning, as the first of 79 million baby boomers inaugurates a nearly 20-year long retirement boom throughout America,” says IRI President and CEO Cathy Weatherford. “However, for many of them, their retirement expectations have been hampered by recession-related financial difficulties. Uncertainty abounds as to when they can retire, if at all, with more than half stating they expect to work during what should be their retirement years. Clearly, boomers are lacking the confidence that they will be able to enjoy a financially secure retirement.”
Lee Barney is an editor at Money Management Executive, a SourceMedia publication.
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