The baby boomer generation has been planning for retirement for some time, but will they be able to afford it? With the economy still in recovery, many boomers have been forced to put their future plans on hold. According to a recent poll, only 9% of the boomer generation says they expect to live comfortably in retirement.
As one boomer stated, “I was hoping I'd be moving to a beach somewhere, anywhere…but I'm not moving. I can't. It's hard to remain optimistic.” Somewhat surprising was that 73% of those polled said they would continue to work through their retirement.
With the 77 million baby boomers that used their homes as an investment, the economy has hit them the hardest. Housing prices have gone down dramatically in many areas which has means that boomers who were looking to sell their homes and make money back on their investment, are now forced to hold onto their property until the housing market rebounds.
It’s incredible that close to 75% of those over 45 believe that they will continue working well into retirement. Hopefully this statistic will continue to decrease as the stock market continues to climb and economy continues to rebound.