Retirement Income Insufficient for Older Adults, Survey Says

Retirement income for many low-income baby boombers is potentially not enough, a recent survey found.
Retirement Income Insufficient for Older Adults, Survey Says
RETIREMENT INCOME: A new survey by AARP found that 60 percent of low-income baby boomers aren't confident they can pay for basic needs when they retire. (Hector Mata/AFP/Getty Images)
9/15/2010
Updated:
10/1/2015

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RETIREMENT INCOME: A new survey by AARP found that 60 percent of low-income baby boomers aren't confident they can pay for basic needs when they retire. (Hector Mata/AFP/Getty Images)
Retirement income for many low-income baby boombers is potentially not enough, a recent survey found.

Sixty percent of low-income baby boomers aren’t confident they can pay for basic needs when they retire, according to a survey published by AARP, which paints a harrowing picture of older adults who are struggling making the transition to retirement.

The AARP Closer Look Survey was conducted in June 2010 and polled Americans across all socioeconomic backgrounds who are 45 years or older.

The survey found that older adults who made less than $25,000 a year were especially unprepared for retirement. Only 36 percent of adults who made more than $25,000 a year said they were not confident they could pay for basic needs.

“While the recession has been devastating for many older Americans, this recent data indicates lower-income folks are being hit particularly hard,” Jo Ann Jenkins, president of the AARP Foundation, said in a press statement.

Among older Americans across all income groups, 28 percent were forced to stop contributing to their retirement savings in the past six months, while nearly one in six had to prematurely withdraw from their retirement savings.

Many adults also said they had little or no retirement savings. Almost half (48 percent) of all adults surveyed said they had less than $50,000 in retirement savings, and 16 percent said they had no savings at all.

More than a quarter of the baby boomers surveyed said they had to delay or put off health care and dental treatments in the past six months. More than a third of the older adults said they had trouble paying for gas or transportation.

“Each day, millions are choosing between essentials like buying groceries or paying for prescriptions. It’s a devastating choice that no one should have to make,” said Jenkins.