An estimated 10,000 boomers retire daily, yet a significant portion anticipates working past traditional retirement age due to financial necessity or to stay active in the labor market.
Many boomers find themselves less financially prepared than they hoped, with only 27% feeling “very prepared” for retirement. Economic fluctuations and inadequate savings are major concerns.
Rising healthcare costs are a significant worry for boomers, many of whom will face increased medical needs but may struggle with expenses not fully covered by Medicare.
With ongoing debates about the solvency of Social Security, many boomers fear they won’t receive the full benefits they expected, potentially facing reduced payouts.
The majority of boomers are somewhat prepared financially, but a significant portion has not saved enough, reflecting a trend towards underestimating the amount needed for retirement.
Work doesn’t end at 65 for many boomers. Due to financial needs or the desire for engagement, over 20% of boomers aged 68-72 expect never to retire fully.
Owning a home in retirement is a dream for many, but with rising property taxes and maintenance costs, it’s becoming less feasible for some boomers.
As boomers retire, there’s a risk of a “knowledge vacuum” in workplaces. Approximately 21% have not shared crucial job knowledge, which could impact industries dependent on their expertise.
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