A recent survey conducted by the Center for Retirement Research at Boston College has found that more than half of adults may not have enough money to maintain their current living standards in retirement, according to The Boston Globe.
Consequently, many baby boomers will be working past the traditional retirement age of 65, so that they can accrue enough savings to comfortably retire. The news source claims that many older adults may also suffer from poor investment returns on their savings, a problem that could affect 60 percent of retirees.
The quickest way to start properly planning for retirement living may be to have a talk with one's spouse or family.
One survey has revealed that only 46 percent of households have discussed their savings.
AARP has recently released a new calculator that is made for those who haven't deeply considered the state of their future finances, which may be a good place for individuals to start.
Boomers may also be having a more difficult time staying on track in their careers due to caring for older parents, according to The Epoch Times.
A study released by Hartford Financial Services Group has shown that 80 percent of boomers are stressed from caretaking responsibilities and almost 70 percent have had to leave work early to help an elderly parent.