The Associated Press and LifeGoesStrong.com this week released the results of a poll of Baby Boomers and their finances as they begin to reach retirement age. The poll found that only 11% are strongly convinced they will be able to live in comfort after retiring.
In total, 55% said they were either somewhat or very certain they could retire with financial security. But a substantial 44% express little or no faith they’ll have enough money when their careers end.
One in four Boomers still working say they’ll never retire. About the same number say they have no retirement savings.
The uncertainty of Baby Boomers comes at a time when Social Security might be up for serious discussion in Washington. Without Social Security and federal medical benefits, many Baby Boomers will have a tough time in their golden years. But can those benefits be scaled back? Can our highest-paid workers be asked to contribute beyond the earnings cap of $106,000?
We can’t let surveys like this lessen our will to change the system.
Our thought for today is from Peter Drucker:
“Unless commitment is made, there are only promises and hopes … but no plans.”