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Your guide to the latest news from around the Northwest

April 17, 2013 at 11:18 AM

AARP: Washington boomers ill-prepared for retirement

Click to enlarge (Source: AARP)

Click to enlarge (Source: AARP)

A new survey reveals that most Washington boomers haven’t saved enough for retirement and are anxious about their future.

“Most boomers in Washington told us “65” is their target age for retirement,” said AARP State Director Doug Shadel. “But when they start doing the cold hard math, it becomes clear many of them are going to miss the mark.” More than half of those surveyed graded themselves a “C” for how well they’d prepared for retirement.

And as the accompanying pie chart illustrated, more than half of the state’s boomers are feeling anxiety about their retirement.

While most boomers say they’ve tried to cut spending, they simply don’t have enough money coming in; 80 percent of those surveyed said they hadn’t saved enough for retirement because of a “lack of extra money.”  Other reasons boomers haven’t saved enough include: the recession/job insecurity; focus on short term; lack of discipline; and medical costs.

29 percent of Washington boomers also admitted that overspending was throwing a wrench in their retirement plans.

You can read the whole report here, but be warned — it’s kind of a downer.

The good news is that help is available.  The AARP is sponsoring seminars on how to better prepare for your future.  Their “Strengthening Your Financial Future” events are planned for April 20 in Seattle (EVENT FULL), May 15 in Port Angeles, June 19 in Spokane and June 28 in Auburn.  For more information, visit www.aarp.org/wa .

Comments | More in General news | Topics: baby-boomers, retirement, unprepared


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