Baby boomers' confidence in a good retirement is plummeting, according to a survey released Monday.
The Insured Retirement Institute survey found that 27 percent of baby boomers are confident they will have enough money to last through their retirement, down from 33 percent a year ago and 37 percent in 2011. Only 6 in 10 boomers report having any retirement savings, down from roughly 8 in 10 in previous surveys.
"Many boomers are probably realizing, 'Yikes, it's up to me,'" Cathy Weatherford, the institute's president and chief executive, said in a conference call announcing the survey results. "They're probably asking themselves, 'How can I make this money last?' Unfortunately, for many of us I think the answer is 'I'm not so sure.'"
Some are already in financial stress ahead of retirement. Almost a quarter of all boomers said they had had difficulty paying their mortgage or rent in the past 12 months, and a growing number are putting off retirement. Some 36 percent said they plan to retire at 70 or later, up from 19 percent in 2011. (Tweet This)