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.