Although 59% of baby boomers believe retirement will hold "the best years of their lives," 47% will continue to work into their golden years because of inadequate retirement savings, according to a recent survey by Allstate Financial. In all, 71% of boomers intend to continue working, with some of those doing so for social contact or to simply keep busy.
"Ultimately, Baby Boomers may end up facing [the] uncomfortable reality that they could fall short of their retirement savings goals," said Tom Wilson, president of Allstate. Overall, 53% of survey respondents expressed concern over saving enough for retirement.
The survey, which was conducted by Allstate and Harris Interactive, polled 1,400 individuals born between 1946 and 1961 with household incomes between $35,000 and $100,000.