Wide Support Seen for Later Retirement Age

December 28, 2010 (PLANSPONSOR.com) – Seventy-one percent of those participating in a recent poll believe Baby Boomers should be encouraged to work past normal retirement age.

A news release about the survey conducted by the Marist College Institute for Public Opinion said 69% of Americans – including 71% of Gen-Xers and 61% of Millennials – say they have a responsibility to provide for those who retire before them.

The greatest concerns of Baby Boomers – 77 million Americans born between January 1, 1946, and December 31, 1964 – about life after 65 are finances (48%) and health (34%).

According to the news release, 61% worry that Baby Boomers will bankrupt Social Security, while 59% believe the needs of aging Boomers may overload the healthcare system.

Younger generations diverge from their elders in some key areas. Thirty-one percent of Millennials feel that Boomers should be encouraged to retire, versus 8% of the Silent-Greatest generation and 16% of Boomers themselves. Likewise, 37% of Millennials believe they should bear no responsibility to provide for retirees.

The report details the findings from a telephone survey taken between December 2 and December 8, 2010, of 1,029 adults in the continental U.S.