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Baby boomers worried about retirement savingsOlder workers near retirement age are among those who may be facing the strongest worries about their financial future. A new survey by Watson Wyatt found that employees aged 50 to 64 are far less confident about their retirement savings than they were two years ago. In 2007, a relatively stable economy meant that 63 percent of older workers were sure they had sufficient resources to live comfortably for five years after they retired. Today, that proportion stands at only 44 percent. Meanwhile, less than one-fifth (18 percent) of respondents said they could survive comfortably for 15 years, compared with 34 percent who felt that way in 2007. "Retirement security is a huge concern as individuals have seen significant amounts of their pension and retirement savings decline," commented David Speier, a senior retirement consultant at Watson Wyatt. The survey found that a higher percentage of people were worried about their ability to have financial security in their golden years than were concerned about job loss or affordable healthcare. Meanwhile, the ups and downs of the stock market and interest rates have played havoc with the retirement plans of younger American workers as well. Not only has there been an increase in people borrowing from their 401(k) accounts, but studies have shown more workers say they are considering reducing their contributions. Amid multiple financial commitments, it can be difficult to know where to cut back. A recent poll by Country Financial found that more parents were prioritizing saving for their child's college education (47 percent) than were concentrating on building a nest egg for retirement (41 percent).
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