The 11th quarterly Allstate-National Journal Heartland Monitor Poll found that near-retiree Baby Boomers have pushed back initial plans to retire at age 60, to 66. Additionally, 68% of Baby Boomers expect to work in some form after retirement, the survey of 1,200 Americans found. Only 11% of current retirees currently work.
“The impact of the recession on the middle class is larger than past recessions,” said Thomas J. Wilson, Allstate chairman, president and chief executive officer. “Not only is long-term unemployment at record levels, but Baby Boomers now say they will have to retire six years later than previous retirees. Sandwiched between the happily retired and the optimistic young, these near-retirees feel the pain of their declining home values and retirement savings and expect to work until 66 years of age.”