This year, the first members of the baby boomer generation will come of age for retirement. But as this milestone passes, a recent survey suggests many feel they will have to work at least four years longer than they originally planned, due to the recent economic downturn. It appears the Great Recession may have tarnished the boomer's golden years forever.

Baby boomers, born between 1946 and 1964, number 77 million and represent about 37% of the nation's total population aged 16 or older. According to an American Institute of Certified Public Accountants (AICPA) survey of CPA financial planners, 79% said they had at least one boomer client who has delayed retirement because of the economy. When asked how many extra years those boomer clients expected to work, the CPAs said 32.3% responded that they needed 1 to 3 years, 39.3% said 4 to 6 years, 9.8% said 7 to 10 years, and 3.7% said more than 10 years.

This grim view of retirement lingers -- despite the fact that many people are feeling more confident about the financial markets and the rebounding U.S. economy. What may be even more depressing, however, is that the people who have the financial assets to make them relatively well-prepared for retirement still feel that they will have to work additional years into retirement. The CPAs surveyed have clients who typically have between $500,000 and $5 million in assets. So if those folks feel they will have to work more years before retiring, it's hard to fathom what people without such nest eggs may be facing.

"Boomers have been scarred by the economic turmoil of the past few years and face complex challenges going forward," said Clark M. Blackman II, chair of the AICPA's Personal Financial Planning Executive Committee in a statement announcing the survey results. "While more optimistic about the markets, many Boomers remain uncertain about the U.S. economy and their own situations as they contend with job loss – their own and their children's – lower home values and rising education costs."

The one thing boomers seem to be certain about is that they'll need to get a little more silver if they hope to enjoy their golden years.

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Dereck

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May 29 2011 at 1:16 AM Report abuse rate up rate down Reply
bdgrizcp

My plan is simple: when I turn 62 (next year) take social security at the reduced rate, change jobs and work to the maximum allowed. I have no plan to retire per se, because I have been working so long (my first real job: October, 1967), I can't imagine NOT working. I worked part time through college, full time since. In 1974 I collected unemployment for almost six months, since then, the longest I've been out of work is three weeks, and that was medical leave (knock wood). I have a decent amount of money invested, and that's going well.
The myth about the golden years is that I will need as much money then as I do now. That's simply not the case. As I grow older, I find I am spending less. I expect that trend will continue.

February 18 2011 at 7:02 AM Report abuse +1 rate up rate down Reply
1 reply to bdgrizcp's comment
sevenv

Social Security will only let you earn 14,700 over your pay-out ......This is what I understand,....unless you can work "under the table" so to speak,..however "Bartering" is better,.."safer" ,..but staying busy is what one needs to do...Having been a tradesman,helps here......I got my work permit at age eleven,I understand where you are coming from ....With some forethought,one can live....VERY well

February 18 2011 at 11:46 AM Report abuse rate up rate down Reply
mtnkabin

It would seem to me those in their early fifties and under would want boomers to retire. Many boomers hold higher positions in management and are blocking the younger peoples advancement. If boomers work until seventy one could be sixty before a position opens for them. At that time, will they be passed over because of age? I think the younger crowd ought to fight for their seniors benefits for their own good. Just think of the openings if boomers were able to retire at sixty-five or younger. There would be a great shift and all would prosper. Just a thought from a boomer with forty-five years in the work force.

February 18 2011 at 6:59 AM Report abuse +1 rate up rate down Reply
papaed20

To the boomers , my generation didn't create the boom, I have already paid for the ones that created it . Don't blame my generation for the problem . Do the math !!

February 18 2011 at 6:36 AM Report abuse +2 rate up rate down Reply
yankeedoug1121

baby boomers have always been the ones to pay they got screwed with the worst of everything. higher tax's higher health ins. now they can't even retire like those they helped to fund paying into retirement and S.S for this country was built on there backs and this how they get paid back. it's a crying shame!

February 18 2011 at 6:26 AM Report abuse +1 rate up rate down Reply
HiBarbRayAndMeg

I couldnt help notice the stock market has bounced back nicely. of course interest rates for CD's are still too low for producing income to survive on, be patient things are getting better in spite of obstruction and spin from the Right.

February 18 2011 at 1:26 AM Report abuse -5 rate up rate down Reply
rzachor

Gotta love these whiney azz Gen xers who think that the world owes them a living. They've grown up with the entitlement mentality and believe that applies to them in the work force as well. Guess what. Nothing has changed since the years when boomers were out looking for jobs. It's called competition and hard work. Two things a lot of you know nothing about. As I near retirement, i'll continue to enjoy the pay and benefits of the job I worked so very hard to get, and if that means locking you out for a few more years, well that's too bad. That's the game of life.

February 17 2011 at 11:46 PM Report abuse rate up rate down Reply
wurkinman1

If you cant retire with 5 million in assets..then you have a spending problem...sorry...I am a boomer and I retired 11 years ago..and I dont have 5 million in assets...maybe they need to liquidate..greed destroys many people

February 17 2011 at 11:29 PM Report abuse +8 rate up rate down Reply
lcvickers8

IF YOU THINK MEDICARE IS FREE, THINK AGAIN. MY HUSBAND AND I BOTH RETIRED ARE PAYING 6,559.00 A YEAR TO TOTALLY, COVER OUR BILLS, PART A
IS HOSP. PART B , PART C ,PART D, CO PAY ON PRESCRIPTIONS. WHAT A LOVELY RETIREMENT. MEDICARE DOESN'T COVER EVERYTHING, PART C IS A SUPPLEMENT TO COVER WHAT PART A AND PART B DOESN'T COVER, PART D PICKS UP AFTER CO-PAY, AND YOU CAN'T HAVE EXTRA BILLS OR YOU WOULD BE IN BANKRUPTSY COURT. HEATING A HOME IF YOU HAVE ONE BUYING FOOD, NO FOOD STAMPS HERE. AND LISTEN FOR THOSE THAT WANT YOU TO HAVE PRIVATIZED RETIREMENT S.S. WELL LOOK WHAT HAPPENED TO THE STOCK MARKET. AND SOME EMPLOYERS WILL NOT LET YOU MANAGE YOUR OWN PORTFOLIO. IF THEY DO IT COSTS YOU. WHEN YOU CAN'T GET AROUND AND YOUR KNEES , NEED REPLACED AND YOUR HEART NEEDS REPAIR YOUR COVER YOUR ASS WITH ALL THE INSURANCE YOU CAN GET EVEN IF YOU DON'T DO ANYTHING ELSE. HAVE A NICE DAY.

February 17 2011 at 10:58 PM Report abuse +9 rate up rate down Reply
Bob

Boomers will not retire but they will not escape death either. In five years, the first boomers will turn 70 and start dying off at the rate oe 1,000 per day. Most of them will still be employed so it will not be until then that the unemployment problem will be solved.

February 17 2011 at 10:57 PM Report abuse -1 rate up rate down Reply
2 replies to Bob's comment
lcvickers8

THERE ARE NOT TWO SETS OF BOOMERS, LOOK IT UP

February 17 2011 at 10:59 PM Report abuse rate up rate down Reply
cantwait42012

Thanks for that uplifting post Bob.

February 17 2011 at 11:02 PM Report abuse +5 rate up rate down Reply