Many Baby Boomers Postponing Retirement Due to Challenges at Home, Financial Issues
Nearly every demographic is still feeling the aftereffects of the Great Recession. A new CouponCabin.com survey reveals that for the more than 78 million Americans that call themselves baby boomers, a particularly harsh set of challenges exists at home, at work and in their plans for retirement.
“Generation Squeeze” is one nickname given to baby boomers who are sandwiched between adult children and aging parents. More than one-quarter (26%) of older U.S. baby boomers support their adult children financially or have them living at their home. Twenty-one percent have supported their aging parents financially, while 18% have supported their aging parents at their home.
The pressure on some baby boomers to support both adult children and aging parents, while also struggling to afford their own retirement, are factors that can lead to a delayed retirement. More than two-in-five (42%) baby boomers said they have postponed their retirement due to financial issues.
Even some of those baby boomers that have decided to retire are faced with picking up work where they can find it. More than four-in-ten (44%) older baby boomers who are retired report they would be at least somewhat likely to get a part-time job to support themselves and their families. Seven percent claimed it was very likely.
“In the past few years, many baby boomers have made drastic changes to their plans for their families, retirement and savings,” said Jackie Warrick, senior savings advisor at CouponCabin.com. “As the economy continues to recover, though, baby boomers are making the best of a tough situation by staying positive and making an effort to save money as best they can.”
Despite a challenging past few years, some baby boomers are feeling optimistic when it comes to their finances. When asked to describe their current financial situation, retired, older baby boomers said the following:
- Excellent – 19%
- Good – 30%
- Average – 32%
- Below average – 15%
- Awful – 3%
Saving money for the future is an area that remains challenging for some, but more than six-in-ten (61%) baby boomers report they are able to save at least some money each month. On the flip side, nearly four-in-ten (39%) baby boomers said they are unable to save at least some money each month.
When it comes to relocation, those who are not yet retired remain cautious as to whether or not they will move to another city or state to retire. More than eight-in-ten (82%) baby boomers who aren’t yet retired won’t or are unsure if they will retire somewhere other than where they currently live. Eighteen percent of baby boomers who have not yet retired said they will retire somewhere other than where they currently live.[Source: Survey conducted by Harris Interactive on behalf of CouponCabin.com. 20 Feb. 2013. Web. 13 Mar. 2013.]