Baby Boomers Worry About Their Nest Egg
Baby Boomers have less financial security in retirement than their parents did. That's according to a PNC Financial survey.
The company recently surveyed about 1,200 adults across the country and found that half of retirees are worried about running out of money.
Kathy Kraeblen is a senior wealth advisor for PNC in Raleigh. She said previous generation had a combination of a pension, social security and better savings habits, and they didn't live as long. But, Kraeblin said, Boomers can still learn to budget and re-adjust their investments.
“With the fear of running out of money, looking at your budget, and looking at a projection, and dividing how you're spending your money up to see where you can cut back is a great thing to do for somebody who's already retired,” Kraeblen said.
“If you're already retired, unless you can get some part-time work, which a lot of folks are doing these days, it's hard to replenish that.”
Nearly 18 percent of Raleigh residents over age 65 are still working. That's according the US Census Bureau's American Community Survey between 2008 and 2012.
Kraeblen adds that people can also cut their expenses by relocating to less-expensive cities. She says some retirees are bypassing Naples and Phoenix in favor of more affordable locations, like Raleigh.