Monterey, CA Baby Boomers Worry About Retirement, And With Good Reason

by Richard Kuehn on 03/13/13

View From A Non-Profit Serving Carmel, Carmel Valley, Gonzalez, Greenfield, King City, Marina, Monterey, Pacific Grove, Pebble Beach, Salinas, Seaside And Soledad California An article in the New York Times today pointed out the difference in retiring today versus 10 years ago.  Many American's leave their jobs at retirement age but then, fearful that they will outlive their income, go back to work at least part time.  Still others start their own businesses.  One frightening statistic was that a recent survey found that while 43% of American's say they can't wait to retire, 41% say they don't expect to retire ever.  "There's no consensus on what retirement is anymore," Marcie Pitt-Catsouphes, the director of the Sloan Center on Aging at Work at Boston College told the New York Times.  "We're starting to rethink it.  Truly, today's grandparents are not like any grandparents.  The experience of aging is different.  People say, 'I'm not done yet.'  A Boston College study in October found that 53% of Americans were "at risk" of being unable to maintain their pre-retirement standard of living once they retire, up from 30% in 1989.  And a study last year by the Employee Benefit Research Institute found that 44% may not have enough money to meet their basic needs in retirement.  These are sad statistics that all baby boomers contemplating retirement need to consider.