The recession sent a shock wave through everyone’s retirement plans, but had particular impact on baby boomers. A study from MetLife found while 60 percent of all workers have reviewed their retirement plans as a result of the recession, 73 percent of boomers are making sure they have enough to retire. Only 15 percent of older boomers think they’ll be able to retire by age 61, and 14 percent of younger boomers believe they are on track to meet their financial goals.
Of the top retirement concerns for boomers, 65 percent say they’re worried they won’t be able to afford health care if they retire. Sixty-one percent are concerned about outliving their savings; the same percentage of boomers are concerned about caring for loved ones should they fall ill.
Younger boomers are more concerned about having a comprehensive retirement plan than their older counterparts; 67 percent said this was a major concern, up from 56 percent three months earlier. Of older boomers who are still working, 55 percent say they’d like help with financial planning through their employers.
Retirement isn’t the only thing on boomers’ minds. Long term care needs were a concern for 62 percent of younger boomers surveyed; 58 percent of older boomers shared the same concern.