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Boomers to Put Retirement On Hold

Posted by: Lisa Nichols | May 13,2008

Despite earlier reports indicating that many baby boomers plan to retire early, results from a recent survey conducted by the AARP would indicate otherwise. The results indicate that boomers are struggling with debt and residual effects of the recession, forcing them to delay retirement. The phone survey spoke with 1,002 adults 45 years of age or older.

 

Retirement Savings Plans Impacted by Recession

 

According to the phone survey done by the AARP, baby boomers’ retirement savings plans have been greatly impacted by the economic downturn. Four in 10 people surveyed indicated that they had provided financial assistance to a child. Eight percent of people surveyed said that they have given money to a parent. Inevitably, retirement savings plans have been greatly impacted by the efforts to help others in the family.

 

Boomers’ Retirement Planning Takes a Hit, Day to Day Expenses Also Reduced

 

Many baby boomers that were surveyed by the AARP stated that their retirement plans have been greatly affected by the recession- 27% of people 45 and older said they would put off retirement because of the economy. In addition to the changes to retirement savings plans, 14% of people surveyed said that they cut back on medications and six in 10 respondents stated they had to cut back on entertainment and dining out. Most of the boomers that participated said that they were finding it hard to pay for their basic needs expenses like utilities. One-third of all people included in the AARP retirement survey results have also stopped contributing money to their retirement savings plan.

 

Eliminate high interest debt to help ease debt worries and boost retirement savings plans. Moving high interest debt from loans and credit cards to a low interest credit card or a balance transfer card can help get debts paid down more quickly. 

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