RICHLAND, Wash. - Baby boomers are known as the generation of post WWII and they are facing fewer pensions and more debt and its causing them retirement challenges their parent's didn't.
According to AARP health care costs are a big worry for the boomers, especially when many deductibles and expenses are not covered by medicare. In fact, An AARP poll shows that 25%of people ages 46-64 say they have no retirement savings and 26% have no personal savings.
"We are living longer and so we are healthier and so we are living longer during retirement so we are needing a larger lump sump of money at retirement," said financial consultant, Stan Allred.
Allread say the recession really effected the boomers. Not only did it result in less money to fund their retirement, but it will also keep them working longer than any other generation. "There are individuals who have had their homes foreclosed on, there are others that are investing in 401k's and retirement plans but 2 years ago they saw their balances drop significantly," said Allred.
That translates to less money to fund their retirement years, which could stretch for three decades given that boomers can expect to live into their 90s