Poll: More Baby Boomers Work Past Retirement
Money woes keep parents in the workplace
The traveling plan and long leisure moments expected by baby boomers when they hit retirement are gone, according to the Associated Press-LifeGoesStrong.com poll.
The poll found that 73 percent of baby boomers will plan to work past retirement, up from 67 percent this spring. In total, 53 percent of boomers said they do not feel confident that they will be able to afford a comfortable retirement—this is an increase from 44 percent who were concerned about their finances in March.
Olivia Mitchell, a retirement expert, says cutting back and working longer are two ways boomers can save more.
"It's a kind of downscaled consumer society that I see in the next five years at least," said Mitchell, a professor at the University of Pennsylvania's Wharton School and executive director of the Pension Research Council. "Consume less and tighten the belt."
Of those who were polled, 62 percent of boomers lost money on at least one of four core parts of retirement savings.
— A workplace retirement savings plan, 42 percent.
— Personal investments outside of an IRA/workplace savings, 41 percent.
— An IRA (individual retirement account), 32 percent.
—Real estate, 29 percent.