These days, many Boomers are uncertain if not downright pessimistic about "retirement." New research from Mintel points to some sobering opinions and conditions shared by Boomers:
- 20 percent do not have any retirement savings
- 41 percent have less than $250,000 in retirement savings
- Of those with more than $250,000 in retirement savings, 52 percent are worried about whether they'll have enough money to retire
- 31 percent are worried they will outlive their money
- Only 10 percent manage their finances according to a written financial plan
- 15 percent say they do not plan to retire
- 47 percent worry that they'll have to work longer than desired to do everything they want in retirement.
In addition to money woes, Boomers also worry about -- you guessed it -- their health. Being healthy enough to enjoy retirement is a concern for 45 percent of Boomers. Having adequate health insurance is a concern for 30 percent of Boomers, as is paying for health insurance (29 percent).
Interestingly, however, Boomers still have aspirations for retirement. Even though 21 percent say they haven't thought about their plans after retiring, 47 percent indicate they plan to travel, 38 percent plan to spend more time with family, and 21 percent say they will work part-time.
According to Robyn Kaiserman, Senior Financial Services Analyst for Mintel, “Our research reveals that many Baby Boomers are facing a shortfall that will be difficult to overcome if they plan on retiring in the coming years. Even Boomers who have a substantial amount saved for retirement are concerned that they don’t have enough and are worried about the possibility of outliving their savings.”