Time for Baby Boomers to Retire? Don't Count on It
Baby boomers, born between 1946 and 1964, number 77 million and represent about 37% of the nation's total population aged 16 or older. According to an American Institute of Certified Public Accountants (AICPA) survey of CPA financial planners, 79% said they had at least one boomer client who has delayed retirement because of the economy. When asked how many extra years those boomer clients expected to work, the CPAs said 32.3% responded that they needed 1 to 3 years, 39.3% said 4 to 6 years, 9.8% said 7 to 10 years, and 3.7% said more than 10 years.
"Boomers have been scarred by the economic turmoil of the past few years and face complex challenges going forward," said Clark M. Blackman II, chair of the AICPA's Personal Financial Planning Executive Committee in a statement announcing the survey results. "While more optimistic about the markets, many Boomers remain uncertain about the U.S. economy and their own situations as they contend with job loss – their own and their children's – lower home values and rising education costs."
The one thing boomers seem to be certain about is that they'll need to get a little more silver if they hope to enjoy their golden years.