Boom and Bust
Many baby boomers are worried about retirement.
Baby boomers are closing in on their golden years, and a recent survey from the Insured Retirement Institute found that just 27 percent of that generation were confident that they will have enough money saved to last them through their entire retirement. That's down from 33 percent in 2014, and 37 percent in 2011.
The survey found that it's not just retirement that has boomers concerned, it's everything. Boomers' overall economic satisfaction-how happy one is with their finances is only 48 percent. That's way down from 65 percent in 2014, and 76 percent in 2011.
One reason for the doom and gloom among boomers is that they are having to rely on plans like 401(k)s to provide their retirement income instead of defined benefit plans, like traditional pensions. Another reason? Some boomers never tried to plan for retirement, and they're realizing their mistakes much too late. According to NBC News, a recent study from the Global Financial Literacy Excellence Center found that only 46 percent of boomers dedicated themselves to figuring out what they'd need in retirement.
If you're one of those boomers who is worried about retirement, the most important thing is to stop thinking about it and start doing something about it. Check out a retirement calculator, like the one offered by AARP, to get yourself on track. It also wouldn't hurt to talk to a financial advisor to make sure you're doing everything you can to make sure your golden years are in fact golden.
Article written by Chris O'Shea and provided by SavvyMoney®.