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Retirement By Nathan Hurst, Globe Correspondent, 11/6/05 Baby boomers are feeling financially ready for their golden years, despite needing larger nest eggs, and worrying about the fate of Social Security, a study shows. Shifting attitudes about retirement are also changing what people do after they leave a long career. The study, conducted by Lincoln Retirement Institute, the retirement research division of Philadelphia's Lincoln Financial Group, found that more than half - 55 percent - of retired boomers with an income of more than $75,000 per year or total financial assets of more than $350,000, reported they were determined to not outlive what they saved. ''People are living longer and having healthier lives,'' said Tom Johnson, a spokesman for the institute. ''They are recognizing that their money has to last as long as they do, but are dramatically underestimating how long they need their nest egg to last.''
Johnson noted that as lifespans get longer, retirement funds should get larger. ''Women tend to be much more optimistic,'' Johnson said. ''About half of the women in the survey felt they would reach their 90th birthday.'' Only 26 percent of men felt the same way. While medical advancements mean boomers may live longer, healthier lives, survey participants cited ''outlasting their money as their greatest financial fear,'' said Jon Boscia, chairman and chief operating officer of Lincoln Financial, in statement released with the survey results. Besides living longer, aging boomers are also spending more money. Two-thirds of preretirees and retirees who took part in the survey reported spending up to $80,000 over the past year. For retirees, that represented little or no decrease from spending habits while they were still worked full time. Because more people are recognizing that traditional retirement could mean being inactive for decades, leaving a full-time job doesn't necessarily mean making a beeline to a beachfront condo. Johnson said many retirees ''aren't just drawing a line in the sand at a certain age'' anymore, choosing instead to work part time. In some instances, they are beginning a new career they were always interested in but felt like they couldn't pursue. One-third of those surveyed said they were still working at least part time, even though they considered themselves retired. The largest number - 36 percent - continued working after retirement because they enjoy their work, and another 13 percent kept working for the intellectual stimulation. Nearly all - 95 percent - of respondents said that maintaining personal financial independence was ''extremely or very important.'' Although those on the brink of retirement are confident in their ability to support themselves, some survey results show that not all are seriously planning. Just under half, or 46 percent, indicated they spend more time planning their next vacation than thinking of retirement funding plans. Only 34 percent reported having long-term care insurance.
Workplace As the average American lunch hour shrinks well below an actual hour, and as more workers use their desks as dining tables, work surfaces are getting dirtier and less safe for eating, according to a research conducted by the American Dietetic Association and the ConAgra Foods Foundation. Fifty-three percent of American workers included in the survey reported having 30 minutes or less to eat lunch every day, and while only 11 percent of workers are desktop dining, 57 percent snack at their desks at least once a day and one-third starts the day off with breakfast in their cubical or office. All of that office eating doesn't necessarily mean more desk cleaning. While more than 75 percent of workers surveyed say they ''only occasionally'' clean their desks before eating, 20 percent never do. And in a corporate culture where the ''afternoon sugar rush'' from cake and other celebratory foods is becoming increasingly common, it comes as little surprise that 20 percent of workers roamed their offices in the evening for dinner, scavenging food left around from office events earlier in the day. A vast majority - 80 percent - of workers said they typically leave perishable foods lying out for more than two hours, and 44 percent said it's not uncommon for food to be left out all day until it gets eaten. Basic kitchen cleanliness at the work place is another health issue for workers, the ADA reported. Fifty-three percent of employees surveyed said the office microwave is cleaned once a month or less, with 44 percent reporting the same fate for their refrigerators. Despite the fact that many perishable foods have a shelf life of only three to five days in the refrigerator, the ADA report said, 22 percent of workers said the office refrigerator was cleaned out only once or twice a year.
Younger workers As many American workers prepare to finish up long-term projects and impress the boss in hopes of a year-end bonus, research conducted for Pendaflex, an office supply manufacturer, shows that workers are stressed out more often than not. The psychologist who conducted the research, Dr. David Lewis, found that workers most affected by stress are young women under the age of 35. Both men and women in the younger age bracket were more stressed out than their older counterparts, the research showed. The causes of the stress varied, but just under half of the survey participants reported staying late at the office for two or three nights a week. More than half, or 52 percent, of workers reported having an unreasonably heavy workload, sometimes because of coverage for absent colleagues. Another 43 percent of workers reported being disorganized to the point where one-fifth reported missing some kind of important project deadline. Other reasons for intense work place stress: an unreasonable boss, reported by 37 percent of workers, overly ambitious corporate goals, reported by 32 percent, and short deadlines, which affected 31 percent of daytime cubical dwellers.
Small business So-called ''micro-business'' owners were forced to pass on high energy costs to their customers more often than their larger competitors during the post-Hurricane Katrina energy price surge, research released last week by the National Association for the Self-Employed shows. While both crude oil and gasoline prices have fallen over the past week, the nation's smallest businesses who had to endure the nearly two-month stretch of astronomical prices took a big hit. Of those self-employed workers who took part in the survey, 36.1 percent said gasoline prices significantly hurt their business, 31.2 percent said it impacted them moderately, and 20 percent said prices mildly affected their ventures. Just under half, or 43 percent reported they increased the prices of their products and services to offset the spike in energy expenditures, while 52 percent said they absorbed the cost. Nathan Hurst can be reached at nhurst@globe.com
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