As the leading edge of the baby boomer generation
approaches the age of 60, boomers are growing more worried about their
retirement prospects, according to a new survey.
The survey-the Fifth Annual Across Generations survey by New York Life Investment Management LLC-found that 24% of boomers surveyed say they have had to cut back on spending because they have not saved enough for retirement.
That's an increase from 2004, when only 18% of surveyed boomers gave that response.
The survey polled 1,537 people between the ages of 26 and 82. Respondents were U.S. residents with a total net worth of at least $100,000.
The survey found that boomers weren't the only ones with concerns. Those among the GenX generation-those between the ages of 26 and 40-cite college costs as among their chief concerns.
The survey found that 38% of GenXers surveyed believe that college education costs will be out of their financial reach by the time their children are ready to attend college. That's an increase from 29% in 2004.