A recent Harris Interactive Poll conducted for financial services provider Principal Finance Group, indicates that many retired or soon-to-retire baby boomers are experiencing unease about their long-term financial situation.
Among those still working, the survey found some of these fears include whether they will be able to maintain the quality of life, ability to afford medical care and inflation reducing their purchasing power.
Poll results indicate that retirees share many of the same fears as those still in the workforce. Added to that list, 21 percent of retirees in the survey expressed concern about being able to afford the basic necessities of life.
Acting as a damper on some of these concerns, many retirees own their homes outright, giving them access to lots of equity. Reliance on this equity, rather than savings, could make some of these retirees financially vulnerable, especially if they intend on continuing to live in their current home (73 percent of those surveyed).
For baby boomers still working, the poll reflects that only 65 percent own their primary residences. Poll results indicate that among this group, 65 percent hold a 20 percent or smaller equity stake in their homes.
For more details on this poll, see this article, VIA Realty Times.