Workers Less Confident They Will Retire When They Want

By Kate Merrill, WBZ-TV

BOSTON (CBS) – As confidence in the economy free falls, confidence in retirement can be downright scary. A new survey by Sun Life Financial found one in five Americans now believe they will never retire. That’s a drop in confidence of 20% in the last year alone.

And the closer workers get to retirement the more they seem to lose faith.

Forty-one percent of workers under 40 still believe they will be retired by the age of 67 but that number drops to just 29% for baby boomers a few short years away from that goal.

WBZ-TV’s Kate Merrill reports

More than half of workers that are still confident they will be able to retire someday — have delayed their initial retirement goal by 3 years.

Wes Thompson, the U.S. President of Sun Life Financial in Wellesley says many of those baby boomers should be thankful for hitting retirement healthy but that’s also creating a bigger financial challenge. “Its a bit daunting to think that you’re going to live 30 more years in retirement and you don’t have anything that’s a guaranteed income stream.”

Thompson says the younger Generation X realize they have to prepare, “No one’s going to provide the guarantees and benefits that their grandparents may have had.”

Thompson advices workers to start setting aside even a small amount on a regular basis. Any amount could make a big difference down the road.

More from Kate Merrill
Comments

One Comment

  1. Ann says:

    So much for saving within one’s means for retirement. When a person works 20 hours a week at minimum wage, there is not enough to meet expenses let alone save any. Having been unemployed for an extended period, any savings were used to pay bills.

  2. Johnson says:

    How can you retire or save when Sun Life Financial outsourced over 300 jobs to foreign countries and have laid off another 500 employees the last 5 years!

  3. John says:

    I can’t see this video, it cuts off in 2 seconds…I was interviewed and would like to see this segment!

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