Boomers’ Retirement Concerns Rose Sharply In Last Year
Baby boomers retirement worries have almost doubled in the past year as the value of their retirement savings plummeted more than 22%, Allstate Corporation, Northbrook, Ill., reports.
Average retirement savings declined from nearly $120,000 in 2001 to $93,000 in 2002 among those participating in Allstates second annual retirement survey.
The survey found that 52% of baby boomers are concerned about saving enough money for retirement, up from 29% in 2001.
Healthcare expenses are an increasing concern, too. The survey found that 67% are worried about these costs, up from 39% in last years survey.
Female boomers are more worried about not having enough money (55% of women vs. 48% of males), Social Security disappearing (54% vs. 40%) and getting sick (52% vs. 45%), says the survey, conducted by Harris Interactive, Rochester, N.Y.
Allstate cites financial experts who agree that individuals will need about 75% of their current income if they want to live in a way similar to how they live now. The company points out, however, that Social Security and pensions alone will likely fall short of that level of income.