As baby boomers get closer to retiring, many are increasingly unhappy about what they see ahead, a new survey finds.[@@]
Unhappiest of all are gay, lesbian, bisexual and transsexual boomers, finds the survey, sponsored by MetLife Inc.’s Mature Market Institute.
As the first wave of boomers reaches age 59-1/2, the first year they are eligible to make tax-free withdrawals from their retirement plans, many are taking their long look at those plans, and a good portion are not pleased, MetLife found.
The study compared data from similar research the institute sponsored in 2001. It found the number of boomers who say they are worried about retirement has doubled. Younger members, ages 41 to 49, are most likely to be concerned.
When asked about their main criterion for satisfaction later in life, boomers in general are just as likely to cite finances as health, says Sandra Timmermann, director of the institute.
They “are very concerned that they will outlive their money, forcing them to scale back their current lifestyle,” she says.
Yet fewer are taking the steps needed to ensure financial security in retirement. Just 66% think they are saving at the rate needed to maintain their lifestyle, down from 77% in 2001, Timmerman reports.
MetLife found that boomers who identified themselves as gay, lesbian, bisexual or transgender are especially worried about their later years==41%, compared to 33% in the heterosexual population. Staying healthy later in life is the most frequently cited consideration for satisfaction in retirement among GLBT Boomers; financial concerns are second.