As many baby boomers are forced to put off their retirement they're facing the bleak reality that their Social Security benefits are low, their current retirement accounts have faced significant loses and the possibility of working 10 more years is quickly becoming a reality.
- Abbi Whitaker
Due to the economic downturn, the retirement assets of recent and near retirees fell between 14 percent and 17 percent in the last six months of 2008. This decline reduces the likelihood that middle income retirees will have enough financial resources to last them through their lifetime.
Source: Ernst & Young on behalf of the retirement coalition Americans for Secure Retirement
$1,157.49 Average monthly Social Security benefit in 2009.
$1,157.49 Average monthly Social Security benefit in 2010 -- according to Congressional Budget Office estimates, there will not be a cost of living adjustment.
Source: June 2009 AARP Bulletin
60% of workers are EXTREMELY CONCERNED about having a comprehensive financial plan for retirement.
69% of workers fell that they are NOT IN CONTROL of their finances.
Source: MetLife
One in two workers say they may be unable to maintain existing savings rate.
Source: The Hartford
