Baby boomers nervous about retirement, poll finds

Associated Press

WASHINGTON

Baby boomers facing retirement are worried about their finances, and many believe they’ll need to work longer than planned or will never be able to retire, a new poll finds.

The 77 million-strong generation born between 1946 and 1964 has clung tenaciously to its youth. Now, boomers are getting nervous about retirement. Only 11 percent say they are strongly convinced they will be able to live in comfort.

A total of 55 percent said they were either somewhat or very certain they could retire with financial security. But an additional 44 percent express little or no faith they’ll have enough money when their careers end.

Further underscoring the financial squeeze, 1 in 4 boomers still working say they’ll never retire. That’s about the same number as those who say they have no retirement savings.

The Associated Press- LifeGoesStrong.com poll comes as politicians face growing pressure to curb record federal deficits, and budget hawks of both parties have expressed a willingness to scale back Social Security, the government’s biggest program.

The survey suggests how politically risky that would be: 64 percent of boomers see Social Security as the keystone of their retirement earnings, far outpacing pensions, investments and other income.