The anxiety level experienced by the baby boom generation is high, according to a recent survey by AARP. But many of the issues of concern outweigh the issues currently taking center stage in the upcoming presidential election such as job creation and employment.
Uncertainty stemming from inflation, taxes, retirement preparedness, and health care affordability are issues that are top of mind for those approaching retirement, and they don’t feel those issues are being addressed adequately, AARP finds in its survey of 1,852 registered voters, largely comprising the 50+ age demographic.
Of those surveyed, 72% of the non-retired boomers believe they will be forced to delay retirement, and half have little confidence they will ever be able to retire. The majority feels they will have to rely more heavily on Medicare and Social Security in light of the impact of the economic downturn on their retirement savings.
“…people in this age group are facing a difficult transition, and they’re worried about whether they can do it,” Jacquelyn James of the Sloan Center on Aging & Work at Boston College told AARP. “Most people had planned for a three-legged stool that would give them a happy, healthy retirement: a pension, their own savings and Social Security and Medicare.”
The impact of the downturn is far-reaching, however, and most boomers don’t feel the issues are being addressed as needed.
“But over the past 15 years, pensions have been disappearing, and their investments have been hit hard by the downturn,” James said. “Now, they’re worrying that politicians are not going to continue to support the entitlement programs. That’s why some are feeling that they need to add a fourth leg to the stool: continuing to work.”
View the full report on the survey from AARP.
Written by Elizabeth Ecker