News reports say that a majority of retirees plan to work through their retirement years as the result of having taken a financial hit in recent years. According to polls, 73 percent said they plan to keep working in retirement, which is up from 67 percent in previous surveys.
Approximately 53 percent of the boomers surveyed said they donít feel they will be able to afford a comfortable retirement, which is up from 44 percent who expressed the same doubts earlier.
Losses from Retirement Accounts
Overall, 62 percent surveyed said they had lost money from at least one of the four most important components of their retirement savings plan:
42 percent lost money from a workplace retirement savings plan
41 percent lost money on personal investments
32 lost money on an IRA
29 percent lost money on real estate investments
Lifestyle Changes for Retirement
The poll also found that 41 percent say they are expecting to have to make lifestyle changes to accommodate a new retirement reality, and 31 percent believe they will struggle financially in retirement. About 23 percent said they will have to move to a smaller home when they retire.