Thursday, February 3, 2011

Many Boomers Report No Savings; Debt, Retirement Challenges - AARP Bulletin

by: Carole Fleck from: AARP Bulletin

The generation that gave rise to Hula-Hoops, Woodstock and Jimi Hendrix is reaching America's traditional retirement age this year woefully unprepared. As the oldest of the boomers turn 65, they face a retirement that is unlikely to go as smoothly as their parents' did.

The lingering pain from the most severe recession since World War II is partly to blame. Many boomers are on the verge of ending their work lives without fully recovering fortunes lost in the housing and stock markets.
That translates to less money to fund their retirement years, which could stretch for three decades given that boomers can expect to live into their 90s.

A poll released Wednesday found that a whopping 25 percent of people ages 46 to 64 say they have no retirement savings — and 26 percent have no personal savings.

The situation is almost as grim for adults 65 and older: 22 percent have no retirement savings and 14 percent have no personal savings, according to the poll of 2,151 adults conducted in November by Harris Interactive.

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