Among the findings Kleyman describes:
Home life was particularly precarious for aging blacks and Hispanics. More than a quarter of them had trouble paying their rent or mortgage. One in three faced a major problem with foreclosure. And far more of them sought affordable housing than older whites.
Particularly striking was that about one in three black or Latino survey participants either moved in with a parent or adult child in the past year or had a relative move in with them – almost double the proportion of aging whites, who doubled up at home.
Employment impacts were also daunting, with more minority pre-retirees than whites losing jobs, seeing cuts in pay or work hours, delaying retirement or prematurely withdrawing retirement funds to cover costs.
One of the most telling poll results was that almost six in 10 ethnic boomers have lost sleep in the last 12 months due to stress or worry.
“The pre-65 group is the most anxious,” Certner said. “They are concerned about three generations: their parents, their kids and their own retirement. So they are experiencing multiple levels of anxiety.”
Yep. This pretty much sounds like all of the boomers I know--tossing and turning at night wondering how they are going to make it.
There are some amazing...or maybe I should say frightening, statistics that came out of this poll. Even for those of us who are living it. For instance:
Although one in four whites doubted their ability to pay the cost of a serious illness through insurance or savings, more than four in 10 African Americans and two out of three Latinos had little or no confidence they would be protected.
In addition, even though a striking one in three whites expressed little or no confidence that they will have the resources to cover their health care and living expenses in retirement, more than half of black respondents and a whopping 71 percent of Hispanics foresee difficulty making ends meet in their later years.
Scary.
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