Tuesday, February 28, 2017

Boomer Fears Persist

Ten years after the financial crisis began in 2007, almost two-thirds of middle income baby boomers feel they have not benefited from the economic recovery. Half of those boomers report having less savings now than before the crisis.

That's according to the new Bankers Life’s Center for a Secure Retirement report, which surveyed 1,000 baby boomers, aged 52 to 70, with annual incomes between $30,000 and $100,000 and less than $1 million in investable assets. Only 31 percent of the respondents feel well prepared for retirement, down from 41 percent before the financial crisis. Just over one-third expect a personally satisfying retirement, down from 44 percent.

Close to half expect to keep working in retirement, full time or part time, compared to 35 percent before the financial crisis. More than two-thirds, or 68 percent, of middle-income boomers are worried about another financial crisis occurring in their lifetime.

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