Wednesday, April 11, 2007

Survey: Baby Boomers Unsure about Nest Eggs

A recent survey by investment firm Scottrade indicates concern among baby boomers over their nest eggs according to this article from

Nearly 30% of baby boomers have saved less than $25,000 for their retirement and nearly the same amount (31%) say they will not be able to keep up their current lifestyle in retirement, according to a recent study by investment firm Scottrade.

The greatest financial concern among respondents was having enough money for retirement, with 62% saying that was their biggest fear. Among other concerns were: having enough money to cover health care costs (50%); unexpected expenses (50%); protecting family in case of premature death/disability (43%); getting good investment returns (44%); and protecting wealth (38%).

The most common form of retirement savings for boomers are 401(k) plans, with 51% of boomers relying on such plans, 37% also have individual retirement accounts (IRAs), a simplified employee pension plan (SEP) or similar retirement plans, according to Scottrade.