While more than a third of baby boomers said they expect Social Security to be a major source of income in retirement, their primary concern about being able to retire comfortably is a 10% or higher rise in health care costs. About half of the respondents cited this—followed by substantial cuts in Social Security benefits and a U.S. recession—as possible retirement barriers in a recent survey by MFS Investment Management
In the case of financial shortfall in retirement, baby boomers are more likely to have adjusted their lifestyle (63%) than to have saved more for emergencies (44%), with the most popular solutions being a cut in spending, working part-time during retirement and pushing delaying retirement age.
