Concerns about money likely play a significant role in explaining why
so many baby boomers see themselves working longer. Even before the
2008-2009 recession, financial advisers were warning that some baby
boomers were carrying too much debt, saving too little, and relying too
heavily on Social Security to retire comfortably. And then came the
economic collapse -- a perfect storm of layoffs, pension and stock
losses, and plummeting home values -- which was particularly ill-timed
for boomers who might otherwise have been in financial shape to retire
on schedule with the start of their Social Security benefits.
Gallup finds that baby boomers who strongly agree that they currently
"have enough money to do everything [they] want to do" expect to retire
at age 66. Boomers who strongly disagree with this statement predict
they will retire significantly later, at age 73.