Half Full, Half Empty: Baby boomers approaching retirement have lots of
worries. Among them is the rising cost of health care and plummeting stock
portfolios. But it’s not all gloom and doom. Financial advisors say nearly half
of American workers (46 percent) are on track to enjoying a timely retirement,
according to a survey by Pennsylvania investment firm Brinker Capital. However,
that finding implies that the remaining 54 percent have some work to do shoring
up their retirement savings. With diligence, those who are behind the retirement
8-ball should be able to make up their savings shortfall in about five years,
the surveyed investment advisors say.
The notion of retirement also may be outmoded, according to the research.
Nearly 90 percent say the traditional concept of workers leaving the workforce
in their early to mid-60s is no longer relevant in the U.S. A big reason is
people’s tendency to remain in the workforce as long as they are fit and
healthy, cited by about two-thirds of respondents. Even so, nearly 20 percent of
financial advisors say many Americans began saving for retirement too late in
life, thus forcing them to continue working past normal retirement age.
Another interesting finding: 44 percent of advisors say their clients’ main
reason for pursuing retirement is to spend more time with family and friends,
but 17 percent expect their clients to pursue a second career later in
life.
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