Baby boomers unprepared for retirement

Feb 13, 2012

Baby boomers are unprepared for retirement.

A recent survey from the Older Dominion Partnership examined the views of seniors and baby boomers on aging in Virginia. While senior citizens in the state have a positive outlook for the future, many baby boomers fear their local communities are unprepared for the increase in retired residents in upcoming years. They also reported concern over their own quality of life as they grow older.

The goal of the survey was to discover the concerns and needs of the aging population, so local communities can better prepare resources and tools to accommodate a senior population that is expected to double in the near future.

According to the survey, senior Virginians feel more prepared to age than baby boomers, as 68 percent of seniors said they were very prepared. Only 23 percent of baby boomers believe their communities are equipped to meet the needs of an older population, and 42 percent of seniors trust their communities to be prepared. In terms of financial planning for retirement, 27 percent of baby boomers said they are not ready to retire, while only 19 percent of seniors shared that sentiment.

Helping baby boomers and other consumers better prepare for retirement, MassMutual's Retirement Services Division recently added more than $23 million in assets to its Taft-Hartley plan, which serves more than 3,500 union members in a variety of industries. The Labor Unions 401(k) Plans are flexible enough that a diverse pool of consumers can manage their future financial needs in an uncertain economic climate. 

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