11 Dec 2015

Baby boomers face financial squeeze

6:53 pm on 11 December 2015

More evidence suggests many baby boomers are ill equipped to face old age, with almost half making less than $50,000 a year.

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The latest information from research firm Colmar Brunton has found that 40 percent of 50-70 year olds have little or no retirement savings.

In their report, Colmar Brunton said baby boomers, those born between 1946 and 1964, numbered almost a million (980,000), and made up 23 percent of the population.

But the survey found they were not as well off as was often thought, with almost half on incomes below $50,000 a year.

While a third had combined household incomes of more than $100,000 a year, the survey found there were many who would be under financial stress in their retirement.

It also found just 44 percent had actually calculated how much money they would need for their old age.

A significant proportion - 42 percent - would rely on equity from their property to help them through retirement.

The findings echo similar research, most recently from the Salvation Army, which found many older people could face hardship or even homelessness in their old age.

The report surveyed 1500 people and had a margin of error of + or - 2.5 percent.