Boomers' Concern about Retirement Doubles from 2001

A new study, The MetLife Survey of American Attitudes Toward Retirement: What's Changed?, shows Baby Boomers are increasingly anxious about retirement.

Here are some facts:

-- 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 between 65 and 70. 60% would prefer to retire before age 65. 17% say they will keep working indefinitely, a 10% increase.

-- The number of Baby Boomers who feel retirement will improve their lifestyle declined by half, from 27% in 2001 to 13% in 2005, with 20% of women now saying they will have to scale back "a lot."

-- Baby Boomers recognize they are likely to need some form of long-term care, but they have not purchased long-term care insurance. Many believe, erroneously, that government programs will pay for their long-term care needs.

You can read more of the article here.

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Barbara C. Phillips, NP
OlderWiserWomen™