Most of the news about "anxiety over retirement" has been focused on those baby boomers in their 60s and either nearing or entering retirement. But a new survey shows it is the younger boomers, in their 40s, who are really more worried about retirement because of the economic downturn of the past two years.
The survey by the Allianz Life Insurance Company of Americans found that 44-49 year olds expressed a greater need than their older counterparts in reducing their financial vulnerability and that a majority (54%) felt "totally unprepared" for retirement.
And although they had more time to recover from the market decline, this younger group also showed a greater need than older boomers to take more control of their financial future (47% vs. 35%) and attain more certainty and financial security (41% vs. 30%).
Allianz's "Reclaiming the Future" study also showed that despite this anxiety, only 19 percent of younger boomers are working with professional financial advisors, even though more than half (51%) said they wanted help planning for a stable retirement.
Meanwhile, in a separate survey by the
Interestingly, the study says that was the attitude among works some 60 years ago when more than 45% of men continued to work into their late 60s and beyond. But, over the decades, Social Security and pensions have allowed workers to retire as early as their 50s while maintaining their lifestyles. This changed again when pensions began to disappear.
The
- 31% of those 50 and older say they would be bored not working.
- 75% say they are interested in phased retirement, though few workplaces offer it.
- 18% those of retirement age say they work to contribute and be productive
- 53% are working for the money.
If you're a boomer looking for work or in retirement and looking for work, the AARP has what are called "Worksearch" offices in their state branches. Funded with a federal grant, the program provides job training and job placement for people 50 and older. These jobs are typically in nonprofit host agencies where they volunteer or work for minimum wage, in exchange for job training, but sometimes this leads to a permanent position with the organization.
Just be aware that those working in retirement often make less money, partly because they work fewer hours. According to AARP, one-third of working retirees put in a workweek of 21 or fewer hours. The typical retiree income is $43,000, about one-third less than that of non-retirees.
