Money, Not Age, Determines Retirement and Boomers Are Worried
You might remember your granddad counting the days up to his 65th birthday, when he would retire in glory with a gold watch and a pension, all set to fire up the RV and tour the country. Today, it would seem those memories are nothing but nostalgia. More often, retirement has nothing to do with age -- it's all about the Benjamins. Recent research shows that three out of four middle-income baby boomers say that their financial situation, not their age, will determine when they retire.
That's according to a recent study conducted by the Bankers Life and Casualty Company Center for a Secure Retirement. Their research also found that one-third of middle-income Americans between ages 47 and 65 expect to retire after the traditional retirement age of 65, and 31 percent are uncertain at what age they will be able to retire.
"On the new road to retirement, the majority of Americans can now retire only when they feel they can afford to do so," said Scott Perry, president of Bankers Life and Casualty Company.
Most of those surveyed reported they feel that despite their best efforts, they're just not able to save enough to quit working. A majority of middle-income boomers feel that they're behind where they had expected to be at this point in their lives -- in terms of saving for retirement -- and two in three thought that they would be in a better financial position than they are now. More than half (52 percent) are not confident that they have saved enough to live comfortably in retirement, and only one in 10 are confident that they will have enough money to live comfortably without a full time salary.
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