The continuing market slide is taking its toll on retirement plans. Three reports released this week give some insight into the financial struggles ahead for baby boomers.
- Four in ten American believe the current economic climate will force them to retire up to 10 years later than expected or not at all, according to a survey from ING Direct. Nearly half said they have “no clue” how much money they need to retire.
- A third of Americans with assets of $500,000 or more said they are either behind in their retirement plans, uncertain about them or have no goals at all. Yet, the survey from PNC Wealth Management said that those who feel they are prepared, 50% are confident they will still reach their retirement goals.
- Long-term care costs being shouldered by personal savings is 30% higher than originally thought. And families counting on using money from sale of a house or retirement savings to fund long-term care costs are struggling. The research from Avalere Health.
Advice from affluent retirees to those still in the workforce: live a healthier life and start planning earlier.
How the economic downturn is impacting boomers and their money is one of the topics covered at the What’s Next Boomer Business Summit (www.boomersummit.com) being held March 19 in Las Vegas.