U-Pack is the quick, convenient
way to move long distance.

U-Pack Long Distance Moving

Get a free moving quote!

It's fast & easy - no obligations

Lack of savings, poor economy affecting baby boomer plans

Baby boomers may not be able to retire by 65 as many planned to do.

Baby boomers may not be able to retire by 65 as many planned to do.

Citing a combination of poor financial decisions and an even poorer economy, baby boomers' retirement plans are in danger, the Associated Press reports.

With pension plans reducing each years, an over-reliance on stocks and continually worsening home values, the AP says many boomers may be forced to postpone retirement.

The report states 22 percent of homeowners, or about 11 million people, owe more on their mortgage than their home is currently valued, leading many to hold off on selling properties and tapping retirement funds for their moving needs.

Olivia Mitchell, director of the Boettner Center for Pensions and Retirement Research at the University of Pennsylvania, told the source the uncertainty of boomers being able to retire at 65 is "extremely serious" because they haven't saved properly over the years.

According to the Employee Benefit Research Institute, 47.2 percent of the oldest baby boomers are "at risk" of not having sufficient retirement resources to pay for "basic" retirement expenditures and uninsured health care costs.

Despite those struggles, an AARP survey from December shows 78 percent of Americans turning 65 in 2011 claim they are satisfied with the way things are going in their lives today.