The number of Baby Boomers worried about retirement has doubled since 2001, with those ages 41 to 49 more likely to voice concern. In 2001, 19% of Boomers said they worried about retirement; in 2005, 33% said they are worried, according to The MetLife Survey of American Attitudes Toward Retirement: What’s Changed? A panel of 7,228 people ages 41 to 59 participated in the online poll, which asked questions identical to a 2001 telephone poll of 1,208 Baby Boomers.
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In 2005, 34% of Boomers said financial independence was a primary consideration for satisfaction later in life, moving closer to the 38% who said being healthy is the primary consideration. The greatest concerns about retirement are becoming sick (30%), being dependent on others (28%) and outliving income (24%).
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When retired, 13% feel their lifestyle will improve, 53% believe lifestyle will remain the same and 26% think it will worsen. While 41% believe they can maintain their lifestyles (a drop of 24 percentage points since 2001), 39% believe they will have to scale back somewhat (an increase of 10 points) or a lot (17%, an increase of 12 points). Of those who expect to maintain their lifestyles, only 66% feel they are saving at the rate they need.
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Almost half (48%) of Boomers plan to work beyond the traditional retirement age, nearly equal to the 2001 figure. Of those who plan to continue working, 69% will do so to stay active and engaged, up from 42% in 2001. Boomers are delaying retirement until they believe they will have enough money to retire. In 2001, they believed they would retire between ages 55 and 64. Today, the median retirement age is expected to be between 65 and 70, and 17% say they will keep working indefinitely (a 10 point increase).
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SOURCE: MetLife Mature Market Institute, October 2005 and http://www.icaa.cc
