Poll: Boomers Face Future With Trepidation

June 18, 2003 (PLANSPONSOR.com) - A new Baby Boomer survey finds them none too optimistic about their retirement with three quarters (76%) not sure they'll have enough on which to live when they stop working.

The study, sponsored by Del Webb, a developer of adult communities based in Bloomfield Hills, Michigan, also found that respondents were anticipating a need for $800,000 in savings going into retirement and that the sum had to last 19 years.

Also, few responding to the survey plan to be a slacker during their golden years. According to the poll, 43% plan to continue working with 51% of them starting a second career and 37% working part time in their primary career.

The Del Webb survey also asked respondents about ongoing world events. Nine out of 10 (91%) said the US will still be dealing with terrorism when they retire – an event as far away for some as 19 years. A third (32%) said the September 11 terrorist attacks had a “strong” impact on their lives while 44% predicted that the economy would stay the same or even get worse as they neared retirement.  

A total of 1,361 completed surveys were collected and analyzed nationwide from respondents ages 44 through 56. The annual poll was conducted online within the US by Harris Interactive in April 2003.