NU Online News Service, Jan. 10, 9:19 a.m. – Many baby boomers say they will spend their retirement years paying off debt.
Researchers for Harris Interactive, Rochester, N.Y., recently surveyed 1,004 U.S. adults born between 1946 and 1961 for Allstate Financial Group, Northbrook, Ill.
The boomers surveyed, who had household incomes ranging from $35,000 to $100,000, told researchers they expect to carry high levels of debt in their later years.
Fifty-eight percent of the survey participants told researchers they expect to be paying off car loans, home mortgages or credit card debt.
Thirty-seven percent say they will have car loans; 27%, mortgages; and 25%, credit card debt.
In spite of high anticipated debt levels, 56% of surveyed boomers plan to buy expensive luxury items, such as a vacation homes, boats or recreational vehicles, after retirement.
Twenty-seven percent plan to buy a new car; 18%, a computer; 13%, a vacation home; 7%, a recreational vehicle; and 6%, a boat.
More than two-thirds of the respondents (68%) said they would be earning and saving money for their retirement during their retirement, and 73% said they did not think they would ever completely retire.