Massachusetts Boomers Have Saved Little for Retirement

A Generation in Transition: A Survey of Bay State Baby Boomers, conducted by MassINC, reveals that most baby boomers in Massachusetts have saved little for their retirement.

The key findings of the survey of 1,000 boomers, the youngest of whom will turn 60 in 2006, include:

The median retirement savings is $122,000.
13% have no retirement savings.
30% have saved less than $50,000 for retirement.
49% plan to retire at or after 65 or never retire.
65% expect to work after retiring.
39% expect to work because of financial necessity after retiring.
Only 17% expect to live comfortably during retirement.
44% expect to have only enough or not enough money to meet basic expenses after retiring.
57% of boomers age 40-44 expect to retire after 65 or not at all.
72% of boomers age 40-44 expect to work after retiring.
23% of boomers age 40-44 have maxed out their credit cards.
40% have a college degree.
74% are satisfied with their situation.

Most boomers seem to know and accept that they do not have sufficient savings for retirement. To make ends meet they plan not to retire, retire at or after 65 and keep working.