Seventy-two percent of baby boomers believe they will have to delay retirement, 65% worry they won't have enough money to retire and half don't think they will ever be able to retire, according to a new survey from the AARP.
Nearly 60% of respondents said the economic downturn will force them to rely more on Social Security and Medicare during their retirement.
Ninety-one percent think the next president and Congress need to strengthen Social Security, and 88% feel the same way about Medicare. Also, 91% think the Social Security and Medicare issues are too big for one party to fix alone.
The presidential candidates have not done a satisfactory job of explaining their plans either, according to the survey, with 67% not satisfied with Social Security plans and 63% for Medicare.
The message from voters 50-plus is clear, said Nancy LeaMond, AARP executive vice president, state and national group, in a news release. In a razor-tight election, candidates have a major opportunity to reach key voters by speaking about their plans on Social Security and Medicare and they are making a huge gamble if they ignore them.
AARP commissioned Hart Research Associates and GS Strategy Group to conduct the survey of 536 baby boomers who have not yet retired; the survey took place July 10-16.