Baby boomers pushing retirement back ... way back
Baby boomers plan on sticking around the workplace longer than their predecessors.
Over the past two decades, the average retirement age has risen from 57 to 61, but baby boomers are looking to kick the can even farther down the road, according to a new poll from Gallup.
Indeed, the youngest of the generation — those born from 1946 to 1964 — are turning 50 this year, and more than half don't expect to retire until age 66 or older.
One in 10 boomers don't expect to retire at all. Ever.
Money worries play a major part in the retirement expectations of boomers.
Even before the Great Recession, many boomers were saving too little, borrowing too much and relying too heavily on Social Security to retire confidently or comfortably, Gallup notes.
Although most retirement accounts have recovered from that economic crisis, boomers lost half of a decade's worth of growth at a critical time in their financial lives.
It's not too late to turn things around.
It's still possible to build a nest egg worthy of the name by following our simple advice on how to start saving in your 50s.
Making smart decisions about when to initiate your Social Security benefits can maximize the payments you receive for the rest of your life. Our six step guide on when to start collecting Social Security can help with that.
But it seems many baby boomers will be pushing off retirement for as long as possible, staying true to their "live to work" reputation.