With growing concerns about their retirement funds, a new poll revealed that most baby boomers are nervous they may have to continue working for the rest of their lives.
The Associated Press-LifeGoesStrong.com polled 1,160 baby boomers born between 1946 and 1964. Just 11% said they were strongly convinced they will be able to live in comfort. Forty-four percent had little or no faith in having enough money to live on after their careers end. Fifty-percent were a bit more optimistic saying they were somewhat or very certain their savings were enough for retirement.
Of those still working, two-thirds of respondents said they will keep working past retirement age. This feeling was shared among baby boomers regardless of their education, marital status or gender, according to the poll. Thirty-five percent said they must keep working to make ends meet while 24 % indicated that they have no retirement savings.
Meanwhile, one in 10 boomers said they had saved at least $500,000. Respondents who had saved managed to put away $100,000. Even though they invested in their employer’s retirement plans, personal investments and real estate, six in 10 said all of those savings vehicles lost value over the past three years.