Baby boomers worry about retirement funds

Nov. 7, 2011 at 5:37 PM
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WASHINGTON, Nov. 7 (UPI) -- Many baby boomers aren't satisfied with their financial situation and their anxieties about retirement have worsened, a survey found.

About 38 percent of boomers -- ages ages 50 to 64 – said they're not confident they'll have enough income and assets to last through their retirement years, while about 53 percent said they believed they would have enough, the Pew Research Center poll found.

In 2009, by contrast, about 26 percent of boomers said they worried they wouldn't have enough resources for retirement, compared with 74 percent who said they would.

The survey found among Gen X -- ages 30 to 44 -- about 47 percent worried they would come up short for retirement, compared with about 53 percent who expected to be fine. In 2009, about 26 percent of Gen Xers said they worried they wouldn't have enough to get through retirement.

Among both millennials -- those under 30 -- and the so-called silent generation -- 65 and over -- about 72 percent said they're confident they'd have enough for retirement.

On government entitlement programs for older people, 64 percent of boomers and members of Gen X said the government does too little, compared with 55 percent of millennials and 52 percent of the silent generation.

Asked whether the government should maintain current Social Security and Medicare benefits, 64 percent of silents, 62 percent of boomers, 56 percent of Gen X and 53 percent of millennials said it should.

A higher proportion of younger generations said younger workers should be able to put Social Security taxes into private accounts -- 86 percent of millennials, 69 percent of Gen X, 58 percent of boomers and 52 percent of silents, the poll found.

The analysis is based on three telephone surveys: one conducted with 2,410 adults Sept. 22-Oct. 4, with a 2.5 percentage point margin of error; one conducted with 2,013 adults Sept. 1-Sept. 15, with a 3 percentage point margin of error; and one conducted with 1,000 adults Sept. 22-Sept. 25, with a 4 percentage point margin of error. The data were supplemented by other Pew research and by Pew analysis of U.S. Census data.

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