Despite Saving, Boomers Feel Less Prepared for Retirement

Despite proactive savings behaviors, 66% of boomers polled by the Transamerica Center for Retirement Studies said they are less confident in achieving a financially secure retirement than they were last year.

The “11th Annual Retirement Survey” of American workers found that since the recession began, 58% of baby boomers have maintained or increased the amount of money they’re saving, while 65% have cut their spending. Yet, 71% agreed they could work until age 65 and not have enough saved to meet their retirement needs.  

Forty percent of boomers surveyed plan to work past age 70 or not retire at all. Only 34% have $100,000 or more saved in all household retirement accounts.  

Nearly six in ten (59%) boomers have a plan for how to reach their retirement goals (though just 8% have it written down).  Forty-eight percent guessed at the amount of money they expect to need to have saved to feel financially secure in retirement, and the median amount was $500,000.