Baby Boomers Not Ready For Retirement - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Baby Boomers Not Ready For Retirement

Financial advisors in our area say they have seen more people postpone their retirement plans.

"The downturn in the economy, in the market is forcing people to re-look at what retirement looks like," said Bill Schwartz, financial advisor Edward Jones.

A new study shows more baby boomers are behind on their savings and are not fully prepared to leave the work force.

"A lot of people at my company who retired [...] are going to have to come back or take a part time job to make ends meet," said Roy Urrutia, who was is postponing his retirement.  

According to researchers, two thirds of baby boomers remain in the workforce for another major reason: the increasing cost of health care.

Schwartz says this is creating a new trend among baby boomers.

"So you are seeing a lot more individuals consider long-term health insurance as a viable part of their investment portfolio," he said.  

According to the MetLife Mature Market Institute study, only 13 percent of those surveyed said they had enough savings for a comfortable retirement.

"Regardless of where you are on the totem pole," Schwartz said. "No one feels like they have enough money set aside."

Which is why Urrutia says his retirement will have to wait.

"I am going to stay as long as long as I am able to," he said.  

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