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Retirement Planning > Saving for Retirement

Survey: Older Boomers Expect To Need $800,000 Nest Egg

By Staff Writer

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NU Online News Service, July 2, 2003, 3:22 p.m. EDT – Thirty-six percent of baby boomers between the ages of 44 and 56 say they think about retirement finances every day, according to Pulte Homes Inc., Bloomfield Hills, Mich.

Pulte is the parent company of Del Webb, a major builder of retirement communities.

When researchers hired by Pulte interviewed 1,300 older boomers earlier this year, the participants estimated they would need an average of about $800,000 in retirement savings, and that their retirement savings would have to last an average of 19 years.

Seventy-six percent of the participants were not confident that they would have enough income in retirement.

When researchers asked the boomers about their top three financial concerns, 57% said the cost of health insurance was a top concern. Thirty-nine percent named running out of savings; 31%, loss of Social Security benefits; 24%; having too much debt; 20%, suffering losses on the value of stocks and mutual funds; 20%, coping with the cost of long term care insurance; and 7%, losing employment opportunities during a recession.

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