Baby boomers are no longer retiring
TweetOur economy is in a crisis and it’s not helping baby boomers who thought they were close to ready to retire. Money is an increasing concern for baby boomers and many have lost their retirement savings in the past few years due to the stock market decline. Many retirees are even ending retirement to return to work. As businesses cut back on both retirement benefits and pensions, baby boomers are realizing they need to work longer in order to fund their expensive retirement goals.
Many baby boomers are reviewing their retirement objectives. Options include continued employment and increased savings strategies. More than 43% of baby boomers are expecting to continue employment for their current employers at reduced hours during retirement.
Merrill Lynch highlighted some interesting points from The New Retirement Survey.
· Approximately 76% of baby boomers intend to keep working and earning in retirement.
· Many baby boomers are working past the “normal” retirement age of 65. 65% will stop working and retire but in their late 60s as opposed to 60 or 65.
· 53% of baby boomers are worried about their ability to pay for healthcare
Healthcare is definitely a problem nowadays with many baby boomers being laid off early and not eligible for Medicare. These people have to look for health insurance and many are being denied healthcare due to preexisting conditions.
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So what does one do if they have pre-existing conditions? Is there a solution?