Forty-four percent of baby boomers express little or no faith they’ll have enough money to retire, a recent poll says. And one in four who are still working say they’ll never retire.
The Associated Press-LifeGoesStrong.com poll states that many baby boomers, while they are starting to retire, are agonizing about finances and expect they will need to work longer than they had planned. Just 11% say they are “strongly convinced” they will be able to live comfortably, and 55% are either somewhat or very certain they could retire with financial security.
With government budget talks aimed at addressing retirement income and entitlement programs for seniors, the poll also finds that 64% of boomers see Social Security as the keystone of their retirement earnings; outpacing pensions, investments and other income.
Excluding their homes, 24% of boomers say they have no retirement savings, according to the report, and despite the worries and dearth of savings cited by many of those polled, 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.
Find out more about the AP-LifeGoesStrong.com poll.
Written by Elizabeth Ecker