As the Baby Boom generation nears retirement, it shouldn't come as any surprise - given the financial landscape of the past few years - that many of them aren't thinking of retiring at all. A new poll of Americans born between 1946 and 1964 shows that 27 percent of them now expect to never retire. Another 16 percent plan to work till at least the age of 70, which means that nearly half of Baby Boomers will be working into their septuagenarian years.
It's clear that what's primarily driving these decisions is fear. Nearly a third of the Baby Boomers surveyed said that they fully expect to struggle financially in their retirement years. Another 41 percent say they expect to scale back their lifestyle in a significant manner during their retirement.
Surprisingly, just 33 percent of these Baby Boomers say they have devoted a "great deal of thought" to their retirement. Maybe if the other two thirds had devoted more of their attention to retirement planning, they wouldn't be so worried about it. If you feel like your retirement planning needs a bit more attention, feel free to give me a call.
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