Many Baby Boomers will be Forced to Work Long Into Their Retirement

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In the past 5 years, boomers ages 46 to 54 have
seen their average net worth drop 45%

The recession is reshuffling retirement plans for baby boomers — a demographic tsunami, accustomed to setting the agenda, that finds itself scrambling as the oldest boomers turn 64. Only 53 percent of workers 55 and older have even tried to calculate how much they need for retirement, according to a 2010 survey by the Employee Benefit Research Institute, and 29 percent report less than $10,000 in savings and investments. It’s little wonder that just 13 percent said they were confident they had enough to live comfortably in retirement.

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